NEW YORK, Aug. 23, 2018 /PRNewswire/ -- WeissLaw LLP
is investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Navigators Group
Inc. ("NAVG" or the "Company") (NASDAQ: NAVG) in connection
with the proposed acquisition of the Company by The Hartford
Financial Services Group, Inc. ("Hartford") (NYSE: HIG). Under the terms
of the acquisition agreement, shareholders will receive
$70.00 in cash for each NAVG share
they own.
WeissLaw is investigating whether NAVG's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the cash consideration offers shareholders a meager 9%
premium over NAVG's August 21 closing
price.
Additionally, the deal is a strategic transaction that,
according to the acquisition announcement, will "expand
[Hartford's] product offerings and
geographic reach." Hartford also expects the transaction to
produce "attractive returns," through cross-selling opportunities
and an expanded customer base.
Finally, the Company recently announced positive financial
results in the second quarter of 2018. It reported net income
of $32.1 million, reflecting a
remarkable annual increase of approximately 57%, or $11.6 million. NAVG also reported double
digit growth in net operating earnings, gross written premiums, and
net written premiums.
Given these facts, WeissLaw is investigating whether NAVG's
Board acted in the best interests of NAVG's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own NAVG shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/navigators-group-inc/.
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SOURCE WeissLaw LLP