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Lawsuits seeking to block HarborOne's pending acquisition of Coastway Bancorp

Two purported shareholders of Coastway Bancorp Inc. have filed separate lawsuits seeking to block the company's pending merger into HarborOne Bancorp Inc (MHC).

On March 14, Brockton, Mass.-based HarborOne agreed to acquire Warwick, R.I.-based Coastway.

On May 22, Fredda Sharfstein filed a lawsuit with the U.S. District Court for the District of Maryland. Two days later, Paul Parshall also filed a complaint with the U.S. District Court for the District of Rhode Island.

Both complaints accused Coastway of misleading shareholders by omitting certain material information from its definitive proxy statement to approve the pending deal. The lawsuits are seeking a preliminary and permanent injunction against the merger.

In a regulatory filing, Coastway said it intends to defend itself vigorously against the lawsuits.