NEW YORK, May 28, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of Central Jersey Bancorp ("Central Jersey" or the "Company") (Nasdaq:CJBK) arising out of their attempt to sell the Company to OceanFirst Financial Corp ("OceanFirst") (Nasdaq:OCFC). Under the terms of the agreement, Central Jersey shareholders will receive 0.5 shares of OceanFirst stock for each share of OceanFirst they own. Based on the May 26, 2009 closing price of OceanFirst stock at $14.23 per share, the transaction values Central Jersey shares at $7.12 for a total deal value of approximately $68.4 million. The price is unfair given that Central Jersey shares traded at $7.50 per share as recently as February 10, 2009 and the 60-day average of OceanFirst shares is only $11.91 per share.
If you own common stock in Central Jersey and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/cjbk1.html
Levi & Korsinsky has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.