The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into the Board o

f Ngas
Levi & Korsinsky is investigating the Board of Directors of Ngas Resources (“Ngas” o
r the “Company”) (Nasdaq: NGAS) for possible breaches of fiduciary duty and other vi
olations of state law in connection with their attempt to sell the Company to Ma
gnum Hunter Resources Corporation (“Magnum Hunter”) (AMEX:MHR).
New York, NY, January 11, 2011 -- Levi & Korsinsky is investigating the Board of
Directors of Ngas Resources (“Ngas” or the “Company”) (Nasdaq: NGAS) for possible breac
hes of fiduciary duty and other violations of state law in connection with their
attempt to sell the Company to Magnum Hunter Resources Corporation (“Magnum Hunte
r”) (AMEX:MHR). Under the terms of the transaction, Ngas stockholders will receive
0.0846 of a share of Magnum Hunter common stock per each share of Ngas stock th
ey own. This transaction represents a value of $0.55 per share to Ngas stockhold
ers, for a total transaction value of approximately $98 million, including assum
ed debt.
Click here to learn how to join the action: http://www.zlk.com/ngas-ngas.html, o
r call: 877-363-5972.
The investigation concerns whether the Ngas Board of Directors breached their fi
duciary duties to Ngas stockholders by failing to adequately shop the Company be
fore entering into this transaction and whether Magnum Hunter is underpaying for
Ngas shares, thus unlawfully harming Ngas stockholders. In particular, at least
one analyst set a price target for Ngas stock at $1.00 per share and Ngas stock
traded as high as $1.11 per share as recently as August 2, 2010.
If you own common stock in Ngas and wish to obtain additional information, pleas
e contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone
at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/ngas-
ngas.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and
extensive experience in actions involving financial fraud and represents invest
ors throughout the nation, concentrating its practice in securities and sharehol
der litigation. The attorneys at Levi & Korsinsky have been appointed by numerou
s courts throughout the country to serve as lead counsel on behalf of shareholde
rs in major litigations involving mergers and acquisitions. For more information
, please feel free to contact any of the attorneys listed below. Attorney advert
ising. Prior results do not guarantee similar outcomes.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Br
oad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (87
7) 363-5972, Fax: (212) 363-7171, www.zlk.com
Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St
15th Floor
New York, NY 10004
212-363-7500
jchlebus@zlk.com
http://www.zlk.com