If You Owned Danvers Bancorp Common Stock At Any Time Between September 1, 2010 and July 1, 2011, Your Rights May Be Affected By A Class Action Settlement.
A class action settlement has been reached in a class action lawsuit against Danvers Bancorp Inc., certain directors of Danvers and People’s United (collectively, the “Defendants”) pending in the Court of Chancery of the State of Delaware (styled In re Danvers Bancorp, Inc. Shareholders Litigation Class Action Consolidated C.A. No. 6162-CS) alleging, among other things, that the board of directors of Danvers, aided and abetted by People’s United, breached their fiduciary duties of care, loyalty, disclosure and good faith to Danvers stockholders in connection with the Merger between Danvers and its subsidiary Danversbank and People’s United and its subsidiary People’s United Bank, according to the Danvers Bancorp Shareholder Litigation Class Action Settlement notice.
The Danvers Bancorp Shareholder Litigation class action lawsuit settlement reportedly includes any and all record holders and beneficial owners of Danvers Bancorp, Inc. (“Danvers”) common stock, who held any such Danvers stock at any time between and including September 1, 2010, and July 1, 2011, the date of consummation of the Merger, and their respective successors in interest, successors, predecessors in interest, predecessors, representatives, trustees, executors, administrators, heirs, assigns or transferees, immediate and remote, and any person or entity acting for or on behalf of, or claiming under, any of them, and each of them, together with their predecessors and successors and assigns, but excluding the specifically named Defendants.
Danvers has reportedly agreed to provide stockholders with certain disclosures (the “Supplemental Disclosures”) in filings with the SEC by People’s United on April 1, 2011 and in Danvers’ filing with the SEC on April 5, 2011 and in Danvers’ filings with the SEC on April 25, 2011.
There will reportedly be a hearing (the “Settlement Hearing”) in connection with the Settlement, to be held at the Court of Chancery of the State of Delaware, in the New Castle County Courthouse, 500 North King Street, Wilmington, Delaware 19801, on October 19, 2011 at 10:00 a.m.
For more information on the Danvers Bancorp Shareholder Litigation class action settlement, visit the Danvers Bancorp Shareholder Litigation class action settlement website.
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