SHAREHOLDER ALERT: Law Firm Brower Piven Announces Investigation of Hastings Entertainment, Inc. Proposed Buyout
March 18 2014 - 9:10PM
Business Wire
The securities litigation firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches
of fiduciary duty to current shareholders of Hastings
Entertainment, Inc. (“Hastings” or the “Company”) (NasdaqCM: HAST)
and other violations of state law by the board of directors of
Hastings relating to the proposed buyout of the Company by Draw
Another Circle, LLC and Hendrix Acquisition Corp., companies owned
directly or indirectly by Joel Weinshanker. Mr. Weinshanker is the
sole shareholder of National Entertainment Collectibles
Association, Inc., which holds approximately 12% of Hastings’
outstanding shares. Furthermore, Mr. John H. Marmaduke, Hastings’
Chairman and CEO, has agreed to tender his shares resulting in a
combined 44% of the Company’s outstanding shares committed to vote
for the merger.
Under the terms of the transaction, Hastings shareholders will
receive $3.00 for each share of Hastings stock they own. The firm’s
investigation seeks to determine, among other things, whether the
Company’s board of directors breached their fiduciary duties by
failing to maximize shareholder value before agreeing to recommend
this transaction, and whether Mr. Weinshanker is taking advantage
of his position to purchase the Company at an unfair price. In
particular, Hastings has a reported book value of $7.57 per share
for the most recent quarter, and at least one analyst set a price
target of $5.00 for Hastings shares.
If you currently own common stock of Hastings and would like to
learn more about the investigation being conducted by Brower Piven,
you may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling (410)
415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven
have combined experience litigating securities and other class
action cases of over 60 years.
Brower Piven, A Professional CorporationStevenson,
MarylandCharles J. Piven, 410-415-6616hoffman@browerpiven.com
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