NEW YORK, March 18, 2014 /PRNewswire/ -- 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, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
www.zlk.com
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SOURCE Levi & Korsinsky, LLP