Ocean City, N.J.-based OceanShore Holding Co., the members of its board and Toms River, N.J.-basedOceanFirst Financial Corp.are facing a lawsuit related to the pending deal of the two companies, accordingto a Form S-4 filed by OceanFirst.
The putative class action, which seeks to enjoin the , as well as unspecified moneydamages, costs and attorneys fees and expenses, was filed by purported Ocean Shorestockholder Robert Strougo in the Superior Court for the State of New Jersey, CapeMay County, on July 22.
It generally alleges that the Ocean Shore directors breachedtheir fiduciary duties by approving the merger agreement. The lawsuit described the transaction asprocedurally flawed and financially inadequate, with certain terms preclusive andunfair. It added that certain Ocean Shore directors are conflicted.
The plaintiff further alleges that OceanFirst aided and abettedsuch breaches.
Ocean Shore and OceanFirst intend to vigorously defend againstall claims asserted, which they believe are without merit.