NEW YORK, Aug. 20, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Empire Resorts, Inc. ("Empire Resorts" or the "Company") (NYNY) in connection with the proposed acquisition of the Company by affiliates of Kien Huat Realty III Limited ("Kien Huat") and Genting Malaysia Berhad ("Genting Malaysia"). Under the terms of the agreement, Empire Resorts shareholders will receive $9.74 per share of NYNY common stock in cash.
If you are an Empire Resorts shareholder who wishes to discuss the investigation or have any questions about this notice and your rights or interests, please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
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WeissLaw is investigating whether Empire Resorts' Board acted to maximize shareholder value prior to entering into the agreement. Notably, NYNY was trading at $14.00 as recently as May and the offer price is approximately $7.22 less than the Company's 52-week high of $16.96. Additionally, Kien Huat owns approximately 86% NYNY shares of common stock.
WeissLaw is concerned whether the deal is really a "win-win" for shareholders, as the Company's President and CEO Ryan Eller has put it, and maximizes shareholder value. Specifically, WeissLaw is investigating whether Empire Resorts' Board conducted a fair process in agreeing to the proposed acquisition, whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
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