The Law Firm Of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of Benihana Inc. In Connection With The Sale Of The Company To Angelo, Gordon & Co.
NEW YORK, May 25, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Benihana Inc. ("Benihana" or the "Company") (Nasdaq: BNHN) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Angelo, Gordon & Co.
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Under the terms of the agreement, Benihana shareholders will receive $16.30 per share of Benihana stock they own. The transaction has an approximate value of $296 million. The investigation concerns whether the Benihana Board of Directors breached their fiduciary duties to Benihana stockholders by failing to adequately shop the Company before entering into this transaction and whether Angelo, Gordon & Co. is underpaying for Benihana shares, thus unlawfully harming Benihana stockholders. In particular, at least one analyst set a price target for Benihana stock at $17.30 per share.If you own common stock in Benihana and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://zlk.9nl.com/benihana-bnhn. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: 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: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky, LLP
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