STEVENSON, Md., April 17, 2014 (GLOBE NEWSWIRE) -- The securities litigation firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas on behalf of all common stockholders of Hastings Entertainment, Inc. ("Hastings" or the "Company") (Nasdaq:HAST) asserting claims that the members of the Company's board of directors have breached fiduciary duties they owe to Hastings shareholders.
Hastings recently announced that it has entered into a definitive merger agreement to be acquired 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, it was announced that 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.
The claims asserted in the lawsuit concern whether the Company's board of directors breached fiduciary duties by failing to maximize shareholder value before agreeing to recommend that Hastings shareholders accept $3.00 for each share of Hastings stock they own this transaction, and whether Mr. Weinshanker is taking advantage of his position to purchase the Company at an unfair price. According to the complaint, 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 Hastings shares.
If you currently own common stock of Hastings and would like to learn more about this lawsuit and your ability to participate as a plaintiff, without cost or obligation to you, click here: http://www.browerpiven.com/currentinvestigations.html.
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.
CONTACT: Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland, Charles J. Piven, 410-415-6616, firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation