Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Astoria Financial Corporation (AF)

NEW YORK, May 03, 2017 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Astoria Financial Corporation ("Astoria Financial" or the "Company") AF in the United States District Court for the Eastern District of New York in connection with the proposed acquisition of Astoria Financial by Sterling Bancorp ("Sterling") announced on March 7, 2017 (the "Complaint").  The Complaint alleges violations of the Securities Exchange Act of 1934 against Astoria, its Board of Directors (the "Board"), and Sterling.

On March 6, 2017, Astoria entered into an agreement and plan of merger (the "Merger Agreement") with Sterling.  Pursuant to the Merger Agreement, shareholders of Astoria will receive 0.875 shares of Sterling common stock for each share of Astoria stock they own (the "Proposed Transaction").

Among other things, the Complaint alleges that, in an attempt to secure shareholder support for the Proposed Transaction, defendants issued materially incomplete disclosures in a registration statement (the "Registration Statement") filed with the United States Securities and Exchange Commission on April 5, 2017.  The Complaint alleges that the Registration Statement, which recommends that Astoria stockholders vote in favor of the Proposed Transaction, omits material information necessary to enable shareholders to make an informed decision as to how to vote on the Proposed Transaction, including material information with respect to Astoria's financial projections, the analyses performed by Astoria's financial advisor, and the background of the Proposed Transaction.  The Complaint seeks injunctive and equitable relief and damages on behalf of holders of Astoria common stock.

If you wish to serve as lead plaintiff, you must move the Court no later than June 30, 2017.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

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