Recent Securities Litigations
National General Holdings Corp (NASDAQ: NGHCO)
According to the Complaint, this action stems from a proposed transaction announced on July 7, 2020 (the “Proposed Transaction”), pursuant to which National General Holdings Corp. (“National General” or the “Company”) will be acquired by The Allstate Corporation and Bluebird Acquisition Corp. On July 7, 2020, National General’s Board of Directors caused the Company to enter into an agreement and plan of merger (the “Merger Agreement”) with Allstate. Pursuant to the terms of the Merger Agreement, National General’s stockholders will receive $32.00 in cash plus a special dividend equal to $2.50 in cash for each share of National General common stock they own.
On August 6, 2020, defendants filed a proxy statement (the “Proxy Statement”) with the United States Securities and Exchange Commission in connection with the Proposed Transaction. Plaintiffs allege the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.