DALLAS, July 30, 2009 (GLOBE NEWSWIRE) -- Kendall Law Group (www.kendalllawgroup.com) is investigating shareholder claims into the sale of Harleysville National Corp. (Nasdaq:HNBC) to First Niagara Financial. Under the terms of the agreement, each Harleysville shareholder will receive 0.474 shares of First Niagara stock for each Harleysville share they own. The investigation concerns whether the Harleysville Board of Directors breached their fiduciary duties to Harleysville shareholders given that (i) the Company's shares traded at $6.47 as recently as June 5, 2009 and over $14.50 per share in January 2009; (ii) the Company has a book value of over $11.00 per share; and (iii) because the Company agreed to a non-solicitation provision and a termination fee of $10.0 million that will all but ensure that no superior offer will ever be forthcoming.
For information about your rights as an HNBC shareholder, contact attorney Hamilton Lindley at 877-744-3728 or by email at hlindley@kendalllawgroup.com. Kendall Law Group is led by a former federal judge and U.S. Attorney. The firm has nationwide experience representing investors in mergers and acquisitions.
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