NEW YORK -- (Business Wire)

Levi & Korsinsky is investigating the Board of Directors of Brooklyn Federal Bancorp, Inc. (“Brooklyn Federal” or the “Company”) (NASDAQ: BFSB) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Investors Bancorp, Inc. (NASDAQ: ISBC). Under the terms of the transaction, Brooklyn Federal shareholders will receive $0.80 per share for a total transaction value of $10.3 million. Investors Bancorp, Inc. also entered into a separate agreement whereby it will sell a majority of Brooklyn Federal’s commercial real estate loan portfolio to a real estate investment fund upon completion of the merger.

Click here to learn how to join the action: http://www.zlk.com/brooklyn-federal-bfsb, or call: 877-363-5972.

The investigation concerns whether the Brooklyn Federal Board of Directors breached their fiduciary duties to Brooklyn Federal stockholders by failing to adequately shop the Company before entering into this transaction and whether Investors Bancorp, Inc. is underpaying for Brooklyn Federal shares, thus unlawfully harming Brooklyn Federal stockholders. In particular, shares of Brooklyn Federal closed as high as $1.55 on June 30, 2011 and closed above the offer price on August 16, 2011. In addition, the Company reported a book value of $3.11 per share, for the most recent quarter.

If you own common stock in Brooklyn Federal and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com.

Levi & Korsinsky is a national firm with offices in New York, California and Washington D.C. The firm has extensive expertise in prosecuting investor securities litigation involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts:

Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
212-363-7500
Toll Free: 877-363-5972
Fax: 212-363-7171
www.zlk.com

Source: Levi & Korsinsky, LLP