NEW YORK, March 19, 2014 /PRNewswire/ -- The Law Offices of
Vincent Wong are investigating
potential claims against the Board of Directors of Hastings
Entertainment, Inc. (NasdaqCM: HAST) ("Hastings") in connection
with 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 about the case:
http://docs.wongesq.com/HAST-Info-Request-Form-190. There is
no cost or obligation to you.
Under the terms of the transaction, 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 common stock in Hastings and wish to obtain
additional information, please contact Vincent Wong, Esq. either via email
vw@wongesq.com, by telephone at 212.425.1140, or visit
http://docs.wongesq.com/HAST-Info-Request-Form-190.
Vincent Wong, Esq. is an
experienced attorney that has represented investors in securities
litigations involving financial fraud and violations of shareholder
rights. Attorney advertising. Prior results do not guarantee
similar outcomes.
CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail:
vw@wongesq.com
SOURCE The Law Offices of Vincent
Wong