WILMINGTON, Del. -- A shareholder of Hamilton Bancorp filed a class action to prevent the Brooklyn-based company from merging with New York Bancorp.
The plaintiff, Adar Equities Ltd., claims the thrift companies' proposed merger - a $133 million stock transaction announced last Friday - was a "preconceived plan to eliminate the public common shareholders of Hamilton in order to appropriate for New York Bancorp, at an unfair price, the benefits of the ownership of the company, including its potential and continuing growth and value."
The suit seeks an injunction against the merger and unspecified compensatory damages.
