Contact Information: Contact: Joseph E. White, III Greg Stone Saxena White P.A. 2424 North Federal Highway Suite 257 Boca Raton, FL 33431 Tel: (561) 394-3399 Fax: (561) 394-3382 www.saxenawhite.com
Saxena White P.A. Files Shareholder Suit on Behalf of an Institutional Investor Against MGIC Investment Corporation
| Source: MGIC Investment Corporation
BOCA RATON, FL--(Marketwire - June 10, 2008) - Notice is hereby given that Saxena White
P.A. has filed suit on behalf of shareholders of The MGIC Investment
Corporation ("MGIC" or the "Company") (NYSE : MTG ) in the United States
District Court for the Eastern District of Wisconsin.
The complaint seeks damages for violations of federal securities laws on
behalf of all investors who purchased MGIC securities between October 12,
2006 through February 12, 2008, inclusive (the "Class Period"). MGIC
provides private mortgage insurance to the home mortgage lending industry
in the United States. Throughout the Class Period, Defendants reported
quarter after quarter of seemingly strong financial results and touted the
Company's strong financial position despite a difficult operating
environment in the mortgage industry. As a result of Defendants'
statements, the stock traded as high as $70.10 per share during the Class
Period.
On July 30, 2007, after the market closed, MGIC issued a press release
announcing that the value of its investment in the Credit-Based Asset
Servicing and Securitization LLC ("C-BASS"), a joint venture between MGIC
and Radian Group Inc., was "materially impaired." In response to this
announcement, on July 31, 2007, the price of MGIC's common stock declined
from $45.44 per share to $38.66, on extremely heavy trading volume.
Then on February 13, 2008, MGIC issued a press release announcing its
fourth quarter 2007 results and reporting a net loss for the quarter of
$1.47 billion, including an after-tax charge of $33 million related to
equity losses incurred by C-BASS. As a result of this news, MGIC's stock
fell $1.57 per share to close at $12.61 per share on February 13, 2008, a
one-day decline of 11%. This was the lowest price at which MGIC's stock had
traded in over thirteen years.
You may obtain a copy of the complaint from the Court, by contacting Saxena
White P.A. through its website www.saxenawhite.com, by emailing
jwhite@saxenawhite.com or gstone@saxenawhite.com, or by calling
(561) 394-3399.
If you acquired MGIC Investment Corporation's securities between October
12, 2006 and February 12, 2008, inclusive, you may wish to contact Joe
White or Greg Stone at Saxena White P.A. to discuss your rights and
interests.
If you wish to apply to be the lead plaintiff in this action, a motion on
your behalf must be filed with the court no later than Tuesday, July 15,
2008. You may contact Saxena White P.A. to discuss your rights regarding
the appointment of lead plaintiff and your interest in the class action.
Please note that you may also retain counsel of your choice and need not
take any action at this time to be a class member.
Saxena White P.A. has offices in Boca Raton, San Francisco, and Boston, and
specializes in prosecuting securities fraud and complex class actions on
behalf of institutions and individuals. Currently serving as lead counsel
in numerous securities fraud class actions nationwide, the firm has
recovered millions of dollars on behalf of injured investors and is active
in major litigation pending in federal and state courts throughout the
United States.