A press release from the law offices of Brodsky & Smith based out of Bala Cynwyd, Pa. announced that a lawsuit was filed on Dec. 15 by ESB Financial, Inc. shareholders regarding the sale of the Ellwood City branch.
WesBanco Inc. of Wheeling, W. Va. disclosed that they had purchased ESB Bank in October. The agreement stated that WesBanco would pay ESB shareholders 0.502 shares of WesBanco stock and $1.76 in cash for each share of their ESB common stock.
Shareholders are now claiming that ESB and WesBanco has devalued the price of their stocks. Plaintiffs are also saying that they were provided with a number of false, misleading statements along with omission of numerous facts regarding the merger.
WesBanco will pick up multiple benefits from the current deal including 23 former ESB offices in Pittsburgh to give WesBanco a total of 143 branches spread throughout three states and assets totaling 8.2 billion dollars.
Brodsky & Smith, LLC encouraged, within their press release, for any ESB shareholder who wishes to discuss the matter further to contact them at (877)534-2590 or at investorrelations@brodsky-smith.com.
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