The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of ...
December 28 2010 - 12:48PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Ngas Resources (“Ngas” or the “Company”) (Nasdaq: NGAS) for
possible breaches of fiduciary duty and other violations of state
law in connection with their attempt to sell the Company to Magnum
Hunter Resources Corporation (“Magnum Hunter”) (AMEX:MHR). Under
the terms of the transaction, Ngas stockholders will receive 0.0846
of a share of Magnum Hunter common stock per each share of Ngas
stock they own. This transaction represents a value of $0.55 per
share to Ngas stockholders, for a total transaction value of
approximately $98 million, including assumed debt.
Click here to learn how to join the action:
http://www.zlk.com/ngas-ngas.html, or call: 877-363-5972.
The investigation concerns whether the Ngas Board of Directors
breached their fiduciary duties to Ngas stockholders by failing to
adequately shop the Company before entering into this transaction
and whether Magnum Hunter is underpaying for Ngas shares, thus
unlawfully harming Ngas stockholders. In particular, at least one
analyst set a price target for Ngas stock at $1.00 per share and
Ngas stock traded as high as $1.11 per share as recently as August
2, 2010.
If you own common stock in Ngas 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 visit http://www.zlk.com/ngas-ngas.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions 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.
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