SOURCE: Levi & Korsinsky, LLP

June 23, 2009 11:01 ET

Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Central Jersey Bancorp - CJBK

NEW YORK, NY--(Marketwire - June 23, 2009) - Levi & Korsinsky announces that a class action lawsuit has been filed in the Superior Court of New Jersey challenging the proposed acquisition of Central Jersey Bancorp ("Central Jersey" or the "Company") (NASDAQ: CJBK).

The Complaint arises out of the announcement by Central Jersey stating that it had entered into a definitive merger agreement with OceanFirst Finanacial Corp. ("OceanFirst") (NASDAQ: OCFC). Under the merger agreement, Central Jersey shareholders will receive 0.5 shares of OceanFirst stock for each share of Central Jersey they own. Based on the May 26, 2009 closing price of OceanFirst stock at $14.23 per share, the transaction values Central Jersey shares at $7.12 for a total deal value of approximately $68.4 million. The price is unfair given that Central Jersey shares traded at $7.50 per share as recently as February 10, 2009 and the 60-day average of OceanFirst shares is only $11.91 per share. Also, since the transaction was announced, the price of OceanFirst shares have traded as low as $10.83 per share.

If you own common stock in Central Jersey and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/cjbk1.html

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Eduard Korsinsky, Esq.
    Joseph Levi, Esq.
    30 Broad Street, 15th Floor
    New York, NY 10006
    Tel: (212) 363-7500
    Fax: (212) 363-7171
    www.zlk.com