SOURCE: MGIC Investment Corporation

June 10, 2008 16:05 ET

Saxena White P.A. Files Shareholder Suit on Behalf of an Institutional Investor Against 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.

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