The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Hot Topic, Inc. (“Hot Topic” or the “Company”) (Nasdaq: HOTT) and other violations of state law by the board of directors of Hot Topic relating to the proposed acquisition of the Company by private equity firm Sycamore Partners. The firm’s investigation seeks to determine, among other things, whether Hot Topic’s board of directors breached their fiduciary duties by failing to maximize shareholder value.
As stated in the press release announcing the proposed transaction, Hot Topic shareholders will receive $14.00 in cash for each share of Hot Topic they own. The transaction is currently being valued at $600 million. According to Yahoo! Finance, the high analyst price target is $16.40 per Hot Topic share.
If you currently own common stock of Hot Topic and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.