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Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Harleysville Group, Inc. (“Harleysville Group” or the “Company”) (Nasdaq:
HGIC) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Nationwide Mutual Insurance Company (“Nationwide”) in a transaction with an approximate value of $760 million.
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Under the proposed agreement, Harleysville Group shareholders will receive $60.00 per share in cash for every share of Harleysville Group common stock they own.
The investigation concerns whether Harleysville Group’s board of directors adequately shopped the Company to obtain the best price possible for Harleysville Group’s shareholders before entering into the agreement with Nationwide. Indeed, Harleysville Mutual Insurance Company has already agreed to vote its 54% stake in the Company in favor of the transaction.
If you own the common stock of Harleysville Group and purchased your shares before September 29, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact
Seth D. Rigrodsky, Esquire or
Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates
securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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