BUYOUT OF HOT TOPIC - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
March 7, 2013
NEW YORK, NEW YORK
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, is investigating the Board of Directors of Hot Topic Inc. (“Hot Topic” or the “Company”) (HOTT) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Sycamore Partners.
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 investigation concerns 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. Further, the company's CEO and Chairman of the board and significant shareholder are voting in favor of the deal.
If you own common stock in Hot Topic and wish to obtain additional information, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy