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 http://docs.wongesq.com/HAST-Info-Request-Form-190.
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 similar outcomes.
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