INVESTOR ALERT - HASTINGS ENTERTAINMENT, INC.: The Law Offices of Vincent Wong
Investigates the Sale of HASTINGS ENTERTAINMENT, INC. to Draw Another Circle,
LLC & Hendrix Acquisition Corp. -- HAST
NEW YORK, March 19, 2014
NEW YORK, March 19, 2014 /PRNewswire/ -- The Law Offices of Vincent Wong are
investigating potential claims against the Board of Directors of Hastings
Entertainment, Inc. (NasdaqCM: HAST) ("Hastings") in connection with 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.
Click here to learn about the case:
http://docs.wongesq.com/HAST-Info-Request-Form-190. There is no cost or
obligation to you.
Under the terms of the transaction, 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 common stock in Hastings and wish to obtain additional information,
please contact Vincent Wong, Esq. either via email email@example.com, by
telephone at 212.425.1140, or visit
Vincent Wong, Esq. is an experienced attorney that has represented investors
in securities litigations involving financial fraud and violations of
shareholder rights. Attorney advertising. Prior results do not guarantee
Vincent Wong, Esq.
39 East Broadway
New York, NY 10002
SOURCE The Law Offices of Vincent Wong
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