Ademi & O’Reilly, LLP is investigating Old Line (Nasdaq: OLBK) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Old Line to WesBanco.
Ademi & O’Reilly, LLP alleges Old Line’s financial outlook is improving and yet shareholders will receive the equivalent of only $29.22 per share for each share of Old Line common stock they own. WesBanco is acquiring Old Line at a substantial discount. The merger agreement unreasonably limits competing bids for Old Line by prohibiting solicitation of further bids, and imposing a termination penalty if Old Line accepts a superior bid. Old Line insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of Old Line’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 Old Line.