NEW YORK, Feb. 5, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of a proposed class of Harleysville National Corporation ("Harleysville") (Nasdaq:HNBC) shareholders and their successors-in-interest, other than defendants or those associated with defendants, who were holders of record on December 7, 2009 and eligible to vote at the January 22, 2010 shareholder meeting.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you were a record shareholder of Harleysville stock on December 7, 2009 and eligible to vote at the January 22, 2010 shareholder meeting, and wish to move the court for appointment of lead plaintiff, you must do so by April 5, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint charges the members of Harleysville's Board of Directors with violations of federal securities laws for their failure to provide shareholders with all material information in the merger proxy statement (the "Proxy") seeking shareholder approval of the merger (the "Merger") between Harleysville and First Niagara Financial Group, Inc. ("FNFG"). Among other things, plaintiff alleges that the Proxy was false and misleading, having misrepresented and/or omitted the following: (i) that the defendant directors who recommended a vote for the Merger failed to update the Proxy to indicate material changes in Harleysville's level of delinquent loans; (ii) that the fairness opinion included in the Proxy was false and misleading because it was based upon stale data and not properly updated to include the material changes in Harleysville's level of delinquent loans; (iii) the true value of FNFG and the fact that defendants breached their fiduciary duty in failing to adequately value FNFG; and (iv) Harleysville's prospects in remaining a stand-alone bank.
The Brualdi Law Firm, P.C. is a New York, New York-based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
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