BALA CYNWYD, PA / ACCESSWIRE / September 10, 2019 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Empire Resorts, Inc. (“Empire Resorts” or “the Company”) (NASDAQ:NYNY News) for possible breaches of fiduciary duty and other violations of federal and state law in connection with 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 only $9.74 per share of NYNY common stock in cash.
Under the terms of the transaction, Empire Resorts shareholders will receive only $9.74 for each share of Empire Resorts common stock owned. The investigation concerns whether the Empire Resorts Board breached its fiduciary duties to shareholders and whether Kien Huat is underpaying for the Company. The transaction may undervalue the Company and would result in a substantial loss for many Empire Resorts shareholders. For example, as recently as June 2019, the stock was trading at $12.98 a share and the 52-week high is $16.96.
If you own shares of Empire Resorts stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/empire-resorts-inc-nyny/ or calling toll free 877-534-2590.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC
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