STILWELL VALUE PARTNERS, IV, L.P. v. CAVANAUGH

653011/11, 571, 570.

137 A.D.3d 609 (2016)

27 N.Y.S.3d 553

2016 NY Slip Op 02036

STILWELL VALUE PARTNERS, IV, L.P., Respondent, v. DIANE B. CAVANAUGH et al., Appellants.

Appellate Division of the Supreme Court of New York, First Department.

Decided March 22, 2016.


Plaintiff — which bought stock in nominal defendant/derivative plaintiff Northeast Community Bancorp, Inc. (Inc.) pursuant to a prospectus — may not complain about the very facts that the prospectus disclosed, e.g., that Inc. and defendant Northeast Community Bancorp, MHC (MHC) have the same board, that MHC (as the majority owner of Inc.) can control Inc.'s affairs, that MHC's control could prevent a second-step conversion, that this could be contrary to the...

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