Rigrodsky & Long, P.A. announces a complaint alleging breaches of fiduciary duty and other violations of law has been filed in the United States District Court of the Northern District of Texas against the board of directors of Hastings Entertainment, Inc. (“Hastings” or the “Company”) (NASDAQ CM: HAST) in connection with the Company’s entry into an agreement to be acquired by affiliates of Joel Weinshanker (“Weinshanker”) in a transaction valued at approximately $21.4 million.
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Under the terms of the agreement, public shareholders of Hastings will receive $3.00 per share in cash for each share of Hastings they own.
The complaint alleges that Hastings’s board of directors failed to adequately shop the Company and obtain the best possible value for Hastings’s shareholders before entering into an agreement with Weinshanker.If you own the common stock of Hastings and purchased your shares before March 17, 2014, and would like to learn more about these allegations, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, Delaware 19803; by telephone at (888) 969-4242; by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/hastings-entertainment-inc-hast. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.