Shareholder Alert: Ademi LLP investigates whether The First of Long Island Corporation has obtained a Fair Price for its Public Shareholders

Core Viewpoint - Ademi LLP is investigating First of Long Island for potential breaches of fiduciary duty and other legal violations related to its transaction with ConnectOne [1] Transaction Details - First of Long Island shareholders will receive 0.5175 shares of ConnectOne common stock for each share of First of Long Island common stock, valuing the transaction at approximately $284 million or about $12.40 per share based on ConnectOne's closing stock price of $23.97 as of September 4, 2024 [2] Concerns Regarding the Transaction - The transaction agreement imposes significant penalties on First of Long Island for accepting competing bids, which may limit shareholder options [3] - First of Long Island insiders are expected to receive substantial benefits as part of change of control arrangements, raising questions about the board's fulfillment of fiduciary duties to all shareholders [3]