NEW YORK, Nov. 7, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of LandAmerica Financial Group, Inc. ("LandAmerica" or the Company") (NYSE:LFG) arising out of their attempt to sell the Company to Fidelity National Financial Inc. Under the terms of the agreement, LandAmerica shareholders will receive 0.993 shares of Fidelity National stock for each share of LandAmerica they own. Based on the November 6, 2008 closing price of Fidelity National stock, the value LandAmerica shareholders are to receive is approximately $8.29 per share, placing the value of the deal at approximately $128.4 million. The price is unfair, given LandAmerica's share price closed as high as $24.52 as recently as October 1, 2008 and the Company has a book value of over $71 per share. The proposed acquisition is subject to customary conditions and regulatory approvals.
If you own common stock in LandAmerica and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/lfg.html
Levi & Korsinsky has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.