SHAREHOLDER ALERT: Law Firm Brower Piven Announces Investigation of Hastings
Entertainment, Inc. Proposed Buyout
STEVENSON, Md. -- March 21, 2014
The securities litigation firm of Brower Piven, A Professional Corporation,
has commenced an investigation into possible breaches of fiduciary duty to
current shareholders of Hastings Entertainment, Inc. (“Hastings” or the
“Company”) (NasdaqCM: HAST) and other violations of state law by the board of
directors of Hastings relating to the proposed buyout of the Company by Draw
Another Circle, LLC and Hendrix Acquisition Corp., companies owned directly or
indirectly by Joel Weinshanker. Mr. Weinshanker is the 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
resulting in a combined 44% of the Company’s outstanding shares committed to
vote for the merger.
Under the terms of the transaction, Hastings shareholders will receive $3.00
for each share of Hastings stock they own. The firm’s investigation seeks to
determine, among other things, whether the Company’s board of directors
breached their fiduciary duties by failing to maximize shareholder value
before agreeing to recommend 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 of $5.00 for
If you currently own common stock of Hastings and would like to learn more
about the investigation being conducted by Brower Piven, without cost or
obligation to you, click here:
You may also request more information by contacting Brower Piven either by
email at email@example.com or by telephone at (410) 415-6616. Attorneys
at Brower Piven together have more than a century of experience litigating
securities and other class action cases.
Brower Piven, A Professional Corporation
1925 Old Valley Road
Charles J. Piven, 410-415-6616
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