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The Law Office of Abe Shainberg Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Rome Ban

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  Published in Business and Finance on Wednesday, October 27th 2010 at 13:21 GMT by Market Wire
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NEW YORK--([ BUSINESS WIRE ])--The Law Office of Abe Shainberg is investigating the Board of Directors of Rome Bancorp, Inc. (Nasdaq: ROME) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Berkshire Hills Bancorp, Inc. (Nasdaq: BHLB). Under the terms of the proposed deal, 70% of the outstanding Rome shares will be exchanged for Berkshire shares at a fixed exchange ratio of 0.5658 Berkshire shares for each share of Rome. The remaining 30% of Rome shares will be exchanged for cash in the amount of $11.25 per share. Based on Berkshire's closing stock price of $18.78 on October 11, 2010, the combined consideration for Rome's shares is calculated at $10.81 per share. The total transaction is valued at approximately $74 million.

The investigation concerns whether the Rome Board of Directors breached their fiduciary duties to Rome stockholders by failing to adequately shop the Company before entering into this transaction and whether Berkshire Hills is underpaying for Rome shares. At least one analyst set a price target for Rome stock at $11.00 per share.

If you own common stock in Rome and wish to obtain additional information, please contact Abe Shainberg, Esq. either via email at [ as@ashainberglaw.com ] or by telephone at (212) 425-7286, or visit [ http://www.ashainberglaw.com/rome-bancorp.html ].

Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide.