|[March 17, 2014]
INVESTOR ALERT Levi & Korsinsky, LLP Announces Investigation of HASTINGS ENTERTAINMENT, INC. and Its Board of Directors in Relation to the Sale of the Company to Draw Another Circle, LLC & Hendrix Acquisition Corp.
NEW YORK --(Business Wire)--
Levi & Korsinsky commenced an investigation of Board of Directors of
Hastings Entertainment, Inc. ("Hastings") (NasdaqCM:HAST) in relation to
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 more http://zlk.9nl.com/hastings-entertainment-hast,
or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the deal, 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 Hastings common stock 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 visit http://zlk.9nl.com/hastings-entertainment-hast.
Levi & Korsinsky is a national firm with offices in New York, New
Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have
extensive expertise in prosecuting securities litigation involving
financial fraud, representing investors throughout the nation in
securities and shareholder lawsuits. For more information, please feel
free to contact any of the attorneys listed below. Attorney advertising.
Prior results do not guarantee similar outcomes.
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