A purported Clifton Bancorp Inc. stockholder is suing New Jersey-based Clifton, its board members and would-be acquirer Kearny Financial Corp.
Plaintiff Paul Parshall alleges that Clifton's proxy statement for the upcoming deal-related shareholder vote omitted material information and was therefore misleading. Parshall seeks an injunction against the transaction's completion, or the payout of damages should it push through.
Parshall has been a plaintiff in a number of other merger-related suits.
The lawsuit was filed in the U.S. District Court for the District of New Jersey. The defendants plan to defend themselves against the claims.
Clifton's shareholders are scheduled to vote on Kearny's $408 million purchase of Clifton on March 1.