The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of ...

Levi & Korsinsky is investigating the Board of Directors of Ngas Resources (“Ngas” or the “Company”) (Nasdaq: NGAS) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Magnum Hunter Resources Corporation (“Magnum Hunter”) (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 they own. This transaction represents a value of $0.55 per share to Ngas stockholders, for a total transaction value of approximately $98 million, including assumed debt.

Click here to learn how to join the action: http://www.zlk.com/ngas-ngas.html, or call: 877-363-5972.

The investigation concerns whether the Ngas Board of Directors breached their fiduciary duties to Ngas stockholders by failing to adequately shop the Company before 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, please 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 investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Ngas (NASDAQ:NGAS)
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