NEW YORK, May 26, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Geeknet, Inc. ("Geeknet" or the "Company") (NASDAQ: GKNT) for potential breaches of fiduciary duties in connection with the sale of the Company to Hot Topic for approximately $122 million. The Company's stockholders will only receive $17.50 for each share of Geeknet common stock they own. Geeknet stock has traded significantly higher than the offer price over the past two calendar years.
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The investigation focuses on whether Geeknet's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Geeknet's shareholders.
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If you own common stock in Geeknet and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/GKNT or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi, LLP
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Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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