National Interstate Corp. Securities Litigation

If you purchased a significant amount of shares of National Interstate Corporation (NASDAQ: NATL) between July, 24th 2016 and October, 7th 2016, and/or if you purchased National Interstate Corporation (NASDAQ: NATL) shares in July 2016 or earlier and currently hold any of those shares, you have certain options. Investors should register for updates.

 

Lawsuit Overview

Defendant:National Interstate Corporation
Date Filed:October, 7th 2016
Sector:Finance
Industry:Property-Casualty Insurers
Settlement Website: http://www.jndla.com

According to the filed Complaint, on July 25, 2016, National Interstate and Great American jointly announced that
they had reached a definitive Agreement and Plan of Merger ("Merger Agreement") whereby Great American, a wholly-owned subsidiary of American Financial Group, Inc. ("AFGI"), will acquire the approximately 49% of National Interstate's issued and outstanding common shares that it does not presently own. The Proposed Transaction was unanimously approved and adopted by the members of the board of directors of National Interstate, except those members who are affiliated with Great American or AFGI. Upon the closing of the Proposed Transaction, National Interstate will become a wholly-owned subsidiary of AFGI. Pursuant to the Merger Agreement, National Interstate common stockholders will have their shares cancelled and automatically converted into the right to receive $32.00 in cash, plus a dividend of $0.50 per share (the "Merger Consideration"). The total value of the Proposed Transaction is $660 million.

The Complaint alleges the Proxy contains materially incomplete and misleading information concerning (i) the background of the Proposed Transaction; and (ii) the financial analyses of the Proposed Transaction performed by Morgan Stanley.

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First Identified Complaint

John Solak, et al. v. National Interstate Corp., et al.

Date Filed:October, 7th 2016
Class Period Start:July, 24th 2016
Class Period End:October, 7th 2016
First Identified Complaint Filings
#Document TitleFiling Date