Morgan and Morgan Announces Investigation of Benihana, Inc.
- May 31, 2012
- Firm News
Morgan & Morgan today announced that it is investigating potential claims against the Board of Directors of Benihana, Inc. (“Benihana” or the “Company”) (Nasdaq: BNHN) relating to the proposed acquisition by Angelo, Gordon & Co. (“Angelo, Gordon”).
Morgan & Morgan’s investigation concerns whether the Benihana Board of Directors breached their fiduciary duties to Benihana stockholders by failing to adequately shop the Company before entering into this transaction and whether Angelo, Gordon is underpaying for Benihana shares, thus unlawfully harming Benihana stockholders. Under the terms of the agreement, Benihana shareholders will receive $16.30 per share of Benihana stock they own, while at least one Yahoo! Finance analyst set a price target for Benihana stock at $17.30 per share.
If you own shares of Benihana stock and wish to discuss this matter, you may contact either Peter Safirstein or Sheila Feerick at Morgan & Morgan, Five Penn Plaza, 23rd floor, New York, New York 10001 or by telephone at (212) 564-1637 or by email to benihanacase@ForThePeople.com, or visit our website at www.ForThePeople.com.
About Morgan & Morgan
Morgan & Morgan is one of the nation’s largest 200 law firms. In addition to securities law, the firm also practices in the areas of personal injury, consumer protection, overtime, and product liability. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection and always fight “for the people.” For more information, please visit www.ForThePeople.com.
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Morgan & Morgan
Peter Safirstein, Esq.