Oritani

Practice Area: 
Stock Symbol: 
ORIT
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating Oritani Financial Corp. (NASDAQ: ORIT) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Oritani to Valley.

Ademi & O’Reilly, LLP alleges Oritani’s financial outlook is improving and yet shareholders will receive only 1.60 shares of Valley common stock for each share of Oritani common stock they own, or approximately $16.29 based on Valley’s closing price on June 25, 2019.  Valley is acquiring Oritani at a substantial discount.  The merger agreement unreasonably limits competing bids for Oritani by prohibiting solicitation of further bids, and imposing a termination penalty if Oritani accepts a superior bid. Oritani insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of Oritani’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Oritani.