Shareholders Sue Fidelity Execs Over $71M Sale

Law360, New York (October 18, 2012, 8:13 PM EDT) -- Fidelity Bancorp Inc. shareholders filed a derivative class action Thursday in Pennsylvania state court accusing the company's executives of selling the company to WesBanco Inc. for a "grossly inadequate" $71 million price.

In a complaint filed in the Court of Common Pleas of Allegheny County, shareholder Mordechai Nagel said the executives, who he claims stand to make $11.57 million in the deal, breached their fiduciary duties by agreeing to the transaction with WesBanco.

"The board has completely abdicated its responsibilities by agreeing to a transaction with...
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