San Diego, CA -- (SBWIRE) -- 10/21/2014 -- An investor, who currently holds shares of Simplicity Bancorp Inc (NASDAQ:SMPL), filed a lawsuit in effort to halt the proposed takeover of Simplicity Bancorp Inc by HomeStreet, Inc.

Investors who purchased shares of Simplicity Bancorp Inc (NASDAQ:SMPL) and currently hold any of those NASDAQ:SMPL shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:SMPL stockholders by agreeing to sell Simplicity Bancorp Inc too cheaply via an unfair process to HomeStreet, Inc.

On September 29, 2014, HomeStreet, Inc. (NASDAQ:HMST) (“HomeStreet”) has entered into an agreement under which Simplicity Bancorp, Inc. (NASDAQ:SMPL) (“Simplicity”) will merge with HomeStreet, Inc., and Simplicity Bank will merge with HomeStreet’s subsidiary, HomeStreet Bank. Under the terms of the proposed transaction Simplicity Bancorp Inc (NASDAQ:SMPL) stockholders are expected to receive one share of HomeStreet common stock for each share owned of Simplicity common stock, subject to adjustment if HomeStreet’s closing stock price during a specified measurement period prior to closing is more than $20 or less than $15 per share.

However, the plaintiff claims that the offer is too low and undervalues Simplicity Bancorp, Inc. Shares of Simplicity Bancorp Inc (NASDAQ:SMPL) grew from $75.3 per share in October 2010 to as high as $18.03 per share in March 2014.

On October 17, 2014, NASDAQ:SMPL shares closed at $16.14 per share.

Those who are current investors in Simplicity Bancorp Inc (NASDAQ:SMPL) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com