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") (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 email@example.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 firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/navigators-group-inc/.