NEW YORK, May 10, 2010 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Atlantic BancGroup Inc.("Atlantic BancGroup" or the "Company") (Nasdaq:ATBC) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Jacksonville Bancorp, Inc. ("Jacksonville Bancorp") (Nasdaq:JAXB). Under the terms of the transaction, Atlantic BancGroup shareholders will receive 0.2 shares of Jacksonville Bancorp common stock for each share of Atlantic BancGroup common stock they own, which equates to approximately $1.89 per share, based on the prior closing price of $9.49 for Jacksonville Bancorp stock. In addition, Atlantic BancGroup shareholders may also receive up to approximately $0.65 per share in cash, subject to the qualifying sale of certain Atlantic BancGroup assets.
The investigation concerns whether the Atlantic BancGroup Board of Directors breached their fiduciary duties to Atlantic BancGroup stockholders by failing to adequately shop the Company before entering into this transaction and whether Jacksonville Bancorp is underpaying for Atlantic BancGroup shares, thus unlawfully harming Atlantic BancGroup stockholders. In particular, the Company has more than $23.00 per share in cash and a book value of $7.76 per share.
If you own common stock in Atlantic BancGroup and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500 or visit http://www.zlk.com/atlantic-bancgroup-atbc.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. (212) 363-7500 Fax: (212) 363-7171 www.zlk.com 30 Broad Street - 15th Floor New York, NY 10004