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The Law Office of Abe Shainberg Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of CNA Sure

^{Published on 2010-11-02 13:50:31 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--The Law Office of Abe Shainberg is investigating the Board of Directors of CNA Surety Corporation (aCNA Suretya or the aCompanya) (NYSE: SUR) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to CNA Financial Corporation (aCNA Financiala) (NYSE: CNA). Under the terms of the transaction, CNA Surety shareholders will receive $22.00 in cash per share for a total transaction value of approximately $375 million. CNA Financial, through its subsidiaries, currently owns approximately 62% of the outstanding shares of CNA Surety common stock.

The investigation concerns whether the CNA Surety Board of Directors breached their fiduciary duties to CNA Surety stockholders by failing to adequately shop the Company before entering into this transaction and whether CNA Financial is underpaying for CNA Surety shares, thus unlawfully harming CNA Surety stockholders. In particular, at least analyst set a price target for CNA Surety stock at $23.00 per share. Furthermore, CNA Financial has informed CNA Surety that it is only interested in acquiring the remaining shares of CNA Surety and has no interest in selling its controlling interest in CNA Surety to a third party.

If you own common stock in CNA Surety and wish to obtain additional information, please contact Abe Shainberg, Esq. directly, via email at [ as@ashainberglaw.com ], by telephone at 212.425.7268, or visit [ http://www.ashainberglaw.com/cnasurety-sur.html ].

Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide.