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
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