Coastway Bancorp, Inc. (NASDAQ: CWAY) Investor Investigation Over Possible Wrongdoing In Acquisition Announced

Investors who purchased shares of Coastway Bancorp, Inc. (NASDAQ: CWAY) and currently hold any of those NASDAQ: CWAY shares have certain options and should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Coastway Bancorp
Affected Securities: 

An investigation on behalf of investors, who currently hold shares of Coastway Bancorp, Inc. (NASDAQ: CWAY), was announced concerning whether the takeover of Coastway Bancorp, Inc. by HarborOne Bancorp, Inc is unfair to NASDAQ: CWAY stockholders.

The investigation by a law firm concerns whether certain officers and directors of Coastway Bancorp, Inc. breached their fiduciary duties owed to NASDAQ: CWAY investors in connection with the proposed acquisition.

Warwick, RI based Coastway Bancorp, Inc. operates as the bank holding company for Coastway Community Bank that provides various financial services to individuals, families, and businesses in Rhode Island. On March 14, 2018, HarborOne Bancorp, Inc. (NASDAQ: HONE) and Coastway Bancorp, Inc. (NASDAQ: CWAY) announced that they have entered into an agreement under which HarborOne Bancorp, Inc. will acquire Coastway Bancorp, Inc. in an all cash transaction valued at approximately $125.6 million. Coastway Bancorp, Inc. stockholders will receive $28.25 for each share of Coastway common stock.

However, the investigation concerns whether the offer is unfair to NASDAQ: CWAY stockholders. More specifically, the investigation concerns whether the Coastway Bancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

On May 18, 2018, NASDAQ: CWAY shares closed at $27.25 per share.