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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of HopFed Bancorp Inc. (“HFBC” or the “Company”) (NASDAQGM: HFBC) to First Financial Corporation (NASDAQ: THFF). Under the terms of the transaction, HFBC shareholders “may elect to receive either (or a combination of) 0.444 shares of First Financial common stock or $21.00 in cash for each share of HFBC common stock owned.” Upon completion of the merger, Heritage Bank USA, Inc., a wholly owned subsidiary of HFBC, will merge into First Financial Bank, N.A., a wholly owned subsidiary of First Financial.
The HFBC merger investigation concerns whether the Board of HFBC breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether First Financial Corporation is underpaying for HFBC shares, thus unlawfully harming HFBC shareholders.
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