NEW YORK, March 19, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of Hot Topic Inc. ("Hot Topic" or the "Company") (Nasdaq:HOTT) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Sycamore Partners. A complaint was filed in California state court.
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Under the terms of the transaction, Hot Topic shareholders will receive $14 for each share of Hot Topic common stock they own. The transaction has a total approximate value of $600 million. The claims concern whether the Hot Topic Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Sycamore Partners is underpaying for Hot Topic shares, thus unlawfully harming Hot Topic stockholders. In particular, at least one analyst set a price target for Hot Topic stock at $16.00 per share.
If you own common stock in Hot Topic and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://zlk.9nl.com/hot-topic-hott/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP