HMN Financial, Inc. (Nasdaq - HMNF)

HMN Financial, Inc. (Nasdaq – HMNF)

SHAREHOLDER NOTICE: Brodsky & Smith Announces an Investigation of HMN Financial, Inc. (Nasdaq – HMNF)

BALA CYNWYD – May 20, 2024 /Globe Newswire/ – Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of HMN Financial, Inc. (“HMNF” or the “Company”) (Nasdaq – HMNF) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the merger of the Company with Alerus Financial Corporation (“Alerus”) (Nasdaq – ALRS). Under the terms of the agreement, stockholders of HMNF will receive 1.25 shares of Alerus common stock for each share of HMNF common stock they own. Based on Alerus’ closing price of $20.69 as of May 14, 2024, the aggregate deal value is approximately $116.4 million, or $25.86 per share.

The investigation concerns whether the HMNF Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the deal consideration offers fair value to the Company’s shareholders.

If you own shares of HMNF stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman by email at clients@brodsky-smith.com, or call toll free 855-576-4847.

Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.

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