An investor class action demanding greater disclosure in the Astoria Financial Group and Sterling Bancorp merger was filed this week in the Eastern District of New York.
The suit, Jenkins v. Astoria Financial, 17-cv-02608, alleges the Astoria board filed an “incomplete and misleading” proxy statement in support of its proposed merger with Sterling that “failed to disclose certain material information that is necessary for shareholders to properly assess the fairness” of the proposed $2.2 billion merger ahead of a scheduled vote on the merger in June. The merger would create one of the largest regional banks in New York City.
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