Cortland Bancorp Inc.
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CORTLAND BANCORP MERGER INVESTIGATION: HALPER SADEH LLP ANNOUNCES INVESTIGATION INTO WHETHER THE SALE OF CORTLAND BANCORP INC. IS FAIR TO SHAREHOLDERS; INVESTORS ARE ENCOURAGED TO CONTACT THE FIRM – CLDB
June 23, 2021.
New York, New York—Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of Cortland Bancorp Inc. (NASDAQ: CLDB) to Farmers National Banc Corp. is fair to Cortland shareholders. Pursuant to the merger agreement, Cortland shareholders may elect to receive either $28.00 per share in cash or 1.75 shares of Farmers’ common stock, subject to an overall limitation of 75% of the shares being exchanged for Farmers shares and 25% for cash.
The investigation concerns whether Cortland and its board of directors violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for Cortland shareholders; (2) determine whether Farmers is underpaying for Cortland; and (3) disclose all material information necessary for Cortland shareholders to adequately assess and value the merger consideration. On behalf of Cortland shareholders, Halper Sadeh LLP may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits.
Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
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