Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Nymagic Inc. - NYM
New York, NY, July 15, 2010 --(PR.com)-- Levi & Korsinsky is investigating the Board of Directors of Nymagic Inc. ("Nymagic" or the "Company") (NYSE: NYM) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to ProSight Specialty Insurance Holdings, Inc. ("ProSight"). Under the terms of the transaction, Nymagic shareholders will receive $25.75 in cash for each Nymagic share of common stock they own for a total transaction value of approximately $230 million.
For the year ending December 31, 2009, Nymagic reported total revenue of $217.495 million and net income of $45.463 million as compared to total revenue and a net loss of $56.181 million and $104.335 million, respectively, for the prior year. The investigation concerns whether the Nymagic Board of Directors breached their fiduciary duties to Nymagic stockholders by failing to adequately shop the Company before entering into this transaction and whether ProSight is underpaying for Nymagic shares, thus unlawfully harming Nymagic stockholders. In particular, the offer price is only a small premium over the $24.72 price the Company's shares traded at as recently as April 26, 2010 and the Company has reported a book value of $26.23 per share for the most recent quarter.
If you own common stock in Nymagic 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 or visit http://www.zlk.com/nymagic-nym.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.
Contact:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
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For the year ending December 31, 2009, Nymagic reported total revenue of $217.495 million and net income of $45.463 million as compared to total revenue and a net loss of $56.181 million and $104.335 million, respectively, for the prior year. The investigation concerns whether the Nymagic Board of Directors breached their fiduciary duties to Nymagic stockholders by failing to adequately shop the Company before entering into this transaction and whether ProSight is underpaying for Nymagic shares, thus unlawfully harming Nymagic stockholders. In particular, the offer price is only a small premium over the $24.72 price the Company's shares traded at as recently as April 26, 2010 and the Company has reported a book value of $26.23 per share for the most recent quarter.
If you own common stock in Nymagic 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 or visit http://www.zlk.com/nymagic-nym.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.
Contact:
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
###
Contact
Levi & Korsinsky, LLP
Jared Morine
212-363-7500
www.zlk.com
Jared Morine
212-363-7500
www.zlk.com
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