SHAREHOLDER ALERT: WeissLaw LLP Investigates Stein Mart, Inc.

Date : 02/04/2020 @ 10:54PM
Source : PR Newswire (US)
Stock : Stein Mart Inc (SMRT)
Quote : 0.3494  -0.0052 (-1.47%) @ 11:00PM

SHAREHOLDER ALERT: WeissLaw LLP Investigates Stein Mart, Inc.

Stein Mart (NASDAQ:SMRT)
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3 Months : From Jan 2020 to Apr 2020

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NEW YORK, Feb. 4, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Stein Mart, Inc. ("SMRT" or the "Company") (NASDAQ: SMRT) in connection with the proposed acquisition of the Company by an affiliate of Kingswood Capital Management, LP.  Under the terms of the acquisition agreement, shareholders will receive $0.90 for each SMRT they own

WeissLaw LLP (PRNewsfoto/WeissLaw LLP)

If you own SMRT shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:

http://www.weisslawllp.com/stein-mart-inc/

Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY  10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com

WeissLaw is investigating whether SMRT's Board acted to maximize shareholder value prior to entering into the acquisition agreement.  Notably, at least one analyst set a target price of $2.00 per SMRT share, or $1.10 above the per-share offer.

Additionally, the Company recently announced significant improvements in its financial results for the third quarter of 2019.  It reported that comparable sales improved 250 basis point in the first half of the year. 

Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed. 

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com

 

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SOURCE WeissLaw LLP

Copyright 2020 PR Newswire

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