INVESTOR ALERT Levi & Korsinsky, LLP Announces Investigation of HASTINGS ENTERTAINMENT, INC. & Its Board of Directors in Rela...
March 17 2014 - 1:46PM
Business Wire
Levi & Korsinsky commenced an investigation of Board of
Directors of Hastings Entertainment, Inc. (“Hastings”) (NasdaqCM:
HAST) in relation to the sale of the Company to Draw Another
Circle, LLC and Hendrix Acquisition Corp., companies owned directly
or indirectly by Joel Weinshanker. Mr. Weinshanker is also 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; this results in a combined
44% of the Company’s outstanding shares committed to vote for the
merger.
Click here to learn more
http://zlk.9nl.com/hastings-entertainment-hast, or call:
877-363-5972. There is no cost or obligation to you.
Under the terms of the deal, Hastings shareholders will receive
$3.00 for each share of Hastings stock they own. The investigation
concerns whether the Hastings Board breached their fiduciary duties
to stockholders by failing to adequately shop the Company before
agreeing to enter into 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 at $5.00 per share.
If you own Hastings common stock and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free:
(877) 363-5972, or visit
http://zlk.9nl.com/hastings-entertainment-hast.
Levi & Korsinsky is a national firm with offices in New
York, New Jersey, Connecticut and Washington D.C. The firm's 26
attorneys have extensive expertise in prosecuting securities
litigation involving financial fraud, representing investors
throughout the nation in securities and shareholder lawsuits. For
more information, please feel free to contact any of the attorneys
listed below. Attorney advertising. Prior results do not guarantee
similar outcomes.
Levi & Korsinsky, LLPJoseph Levi, Esq.Eduard Korsinsky,
Esq.30 Broad Street - 24th FloorNew York, NY 10004Tel: (212)
363-7500Toll Free: (877) 363-5972Fax: (866) 367-6510www.zlk.com
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