Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Benihana Inc. (NASDAQ: BNHN) arising from its agreement for Benihana to be acquired by Angelo, Gordon & Co.’s Private Equity Group. Under the proposed merger agreement, shareholders will receive $16.30 in cash per Benihana share. The transaction is expected to close in the second half of 2012. Weiss & Lurie is investigating whether Benihana’s Board acted in the best interests of shareholders in approving this deal and whether Angelo, Gordon & Co. is underpaying for Benihana shares. Revenue at Benihana rose 4.5 percent to $327.6 million in the fiscal year ended March 27, 2011 and net income was $1.34 million, compared with a net loss of $8.94 million the year before. Moreover, an analyst has set a target price for Benihana stock at $17.30 per share. If you own Benihana shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Michael A. Rogovin, Esq. either by telephone at (888) 593-4771 or by email at email@example.com. Weiss & Lurie 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 institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing, consumer fraud, or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.
Shares of Benihana (Nasdaq:BNHN) have taken a tremendous swing upward. The stock is trading at $16.15 as of 10:05 a.m. ET, 21.4% above Monday's closing price of $13.30. Volume is at 1.7 million, 31.1 times the daily average of 55,900.
Shares of Benihana (Nasdaq:BNHN) were gapping up Wednesday morning with an open price 16.7% higher than Tuesday's closing price. The stock closed at $14.22 yesterday and opened today's trading at $16.59.