WILMINGTON, Del., July 25, 2019 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Speedway Motorsports, Inc. (“Speedway” or the “Company”) relating to the sale of the Company to Sonic Financial Corporation (“Sonic”), an entity owned by O. Bruton Smith, who currently owns and controls over 70% of Speedway’s stock. On July 24, 2019, the two parties announced that they reached an agreement in principle pursuant to which Bruton Smith will acquire Speedway in a going private merger via a tender offer. As a result of the merger, Speedway shareholders are only anticipated to receive $19.75 per share in cash in exchange for each share of Speedway.
Andrews & Springer is investigating whether Speedway’s directors are breaching their fiduciary duties by failing to adequately shop the company. Our investigation is also looking into whether Speedway’s directors were conflicted and acted in their own self-interest when approving the merger thus making the process and consideration unfair.
If you own shares of Speedway and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/speedway-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Toll Free: 1-800-423-6013