SHAREHOLDER ALERT: Brower Piven Announces Class Action Lawsuit in Connection With Claims of Breaches of Fiduciary Duty by the...
03 April 2014 - 11:25AM
The securities litigation firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the Northern
District of Texas on behalf of all common stockholders of Hastings
Entertainment, Inc. ("Hastings" or the "Company") (Nasdaq:HAST)
asserting claims that the members of the Company's board of
directors have breached fiduciary duties they owe to Hastings
shareholders.
Hastings recently announced that it has entered into a
definitive merger agreement to be acquired 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, it was announced that 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.
The claims asserted in the lawsuit concern whether the Company's
board of directors breached fiduciary duties by failing to maximize
shareholder value before agreeing to recommend that Hastings
shareholders accept $3.00 for each share of Hastings stock they own
this transaction, and whether Mr. Weinshanker is taking advantage
of his position to purchase the Company at an unfair price.
According to the complaint, 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 this lawsuit and your ability to participate as a
plaintiff, without cost or obligation to you, click here:
http://www.browerpiven.com/currentinvestigations.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. Attorneys at Brower Piven together have more than a
century of experience litigating securities and other class action
cases.
CONTACT: Brower Piven, A Professional Corporation,
1925 Old Valley Road, Stevenson, Maryland,
Charles J. Piven, 410-415-6616,
hoffman@browerpiven.com
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