Gotham Bank of New York Investor Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Gotham Bank Concerning the Sale of GOBN to Provident New York Bancorp

DALLAS, Jan. 19, 2012  /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Gotham Bank of New York ("Gotham Bank" or "GOBN") (Pink Sheets: GOBN) to Provident New York Bancorp.  Under the proposed transaction, Gotham Bank shareholders will receive a per share price equal to the sum of 125% of Gotham Bank's adjusted tangible net worth determined on a date prior to the closing of the transaction and the implied exercise price of options outstanding as of the closing date, divided by the outstanding shares of Gotham Bank on the closing date assuming full exercise of outstanding options.

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If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected].  There is no cost or fee to you.

The definitive acquisition agreement involves an all cash transaction valued at approximately $40.5 million.  The deal is expected to close in the third quarter of 2012.

The investigation centers on whether Gotham Bank shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Gotham Bank's stock, and whether Gotham Bank's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal.  According to shareholder rights attorney Willie Briscoe, "We are concerned about various components of the merger between Gotham Bank and Provident including the fact that the shareholder price will be determined by use of Gotham Bank's tangible net worth, which generally does not take into account the value of a company's intangible assets.  We are investigating this acquisition and merger to determine whether the deal appropriately values Gotham Bank stock for the shareholders.  Our lawsuit will seek to obtain the highest share price for all shareholders."

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

SOURCE Powers Taylor, LLP

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