INVESTOR ALERT Levi & Korsinsky, LLP Announces Investigation Of HASTINGS ENTERTAINMENT, INC. And Its Board Of Directors In Relation To The Sale Of The Company To Draw Another Circle, LLC & Hendrix Acquisition Corp.
Levi & Korsinsky commenced an investigation of Board of Directors of Hastings Entertainment, Inc. (“Hastings”) (NasdaqCM:HAST) in relation to 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.
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Under the terms of the deal, 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 Hastings common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/hastings-entertainment-hast.Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
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