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The Navigators Group, Inc. (NASDAQ: NAVG) Investor Lawsuit Filed Against Acquisition

  • Investors who purchased shares of The Navigators Group, Inc. (NASDAQ: NAVG) may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
The Navigators Group, Inc.
Security
NASDAQ: NAVG

Case Name
The Navigators Group Deal Case
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
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Summary

February 25, 2019 - The case was voluntarily dismissed.
October 15, 2018 - An investor, who currently holds shares of The Navigators Group, Inc. (NASDAQ: NAVG), filed a lawsuit against the takeover of The Navigators Group, Inc. by The Hartford Financial Services Group.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: NAVG stockholders by agreeing to sell The Navigators Group, Inc. cheaply via an unfair process.

On Aug. 22, 2018, The Navigators Group, Inc. (NASDAQ:NAVG) announced that it has entered into an agreement to be acquired by The Hartford Financial Services Group, Inc. (NYSE: HIG) in an all-cash transaction that values The Navigators Group, Inc at approximately $2.1 billion. Under the terms of the agreement, The Navigators Group, Inc stockholders will receive $70.00 per share in cash upon the closing of the transaction.

However, plaintiff claims that the proposed consideration NASDAQ: NAVG shareholders will receive is grossly inadequate and undervalues the Navigators Group. The Navigators Group, Inc. (NASDAQ: NAVG) reported that its annual Total Revenue rose from over $1.18 billion in 2016 to over $1.31 billion in 2017.

In addition, the plaintiff alleges that the process is also unfair NASDAQ: NAVG stockholders. Indeed, The Navigators Group’s founder, and shares controlled by other members of his family, which represent approximately 20% of total shares outstanding, have already agreed to vote in support of Navigators’ transaction with The Hartford.

Shares of The Navigators Group, Inc. (NASDAQ: NAVG) closed on October 24, 2018, at $per share.