BALA CYNWYD, PA / ACCESSWIRE/ December 2, 2021 / Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of Patriot National Bancorp, Inc. ("Patriot" or the "Company") (NASDAQ:PNBK) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the agreement to acquire American Challenger Development Corp. ("American Challenger") via a reverse subsidiary merger. Under the terms of the merger agreement, at the effective time of the merger, American Challenger common stockholders will receive shares of Patriot National common stock as consideration and American Challenger preferred stockholders will receive cash. Following completion of the merger, former American Challenger shareholders will collectively own approximately 13.8% of the combined company, and existing Patriot National shareholders will only own approximately 8.2% of the combined company.
The investigation concerns whether the Patriot Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution of ownership in the combined company.
If you own shares of Patriot stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/patriot-national-bancorp-inc-nasdaq-pnbk/, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC