An investigation on behalf of investors of Hot Topic, Inc. (NASDAQ:HOTT) in connection with the proposed takeover was announced and NASDAQ:HOTT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/11/2013 -- An investigation on behalf of investors in Hot Topic, Inc. (NASDAQ:HOTT) shares was announced concerning whether the offer by Sycamore Partners to acquire Hot Topic, Inc. for $14.00 per NASDAQ:HOTT share and the takeover process are unfair to investors in NASDAQ:HOTT shares.
Investors who purchased shares of Hot Topic, Inc. (NASDAQ:HOTT) prior to March 7, 2013, and currently hold any of those NASDAQ:HOTT shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Hot Topic, Inc. breached their fiduciary duties owed to NASDAQ:HOTT investors in connection with the proposed acquisition.
On March 7, 2013, Hot Topic, Inc. and Sycamore Partners announced that they have entered into an agreement pursuant to which Sycamore Partners will acquire Hot Topic for $14.00 per share in cash, or a total of approximately $600 million. Hot Topic, Inc said the offer represents a premium of approximately 30% over Hot Topic’s closing stock price on March 6, 2013.
However, given that at least one analyst has set the high target price for NASDAQ:HOTT at $16.40 per share, the investigation a law firm concerns whether the $14.00-offer is too low for NASDAQ:HOTT stockholders. The investigation focuses on whether the Hot Topic Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Hot Topic, Inc. (NASDAQ:HOTT), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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