A lawsuit was filed by an investor in shares of Lakes Entertainment, Inc. (NASDAQ:LACO) in effort to stop the proposed takeover and NASDAQ:LACO stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/18/2015 -- An investor, who currently holds shares of Lakes Entertainment, Inc. (NASDAQ:LACO), filed a lawsuit in effort to halt the proposed takeover of Lakes Entertainment, Inc. by Sartini Gaming, Inc. at a value of $9.57 per share.
Investors who purchased shares of Lakes Entertainment, Inc. (NASDAQ:LACO) and currently hold any of those NASDAQ:LACO shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:LACO stockholders by agreeing to sell Lakes Entertainment, Inc. too cheaply via an unfair process to Sartini Gaming, Inc
On January 26, 2015 Lakes Entertainment, Inc. (NASDAQ:LACO) and Sartini Gaming, Inc. ("Golden Gaming"), which owns and operates Golden Gaming, LLC, announced that they have entered into an Agreement and Plan of Merger. Under the terms of the Merger Agreement, Lakes Entertainment, Inc. (NASDAQ:LACO) is valued at$9.57 per share, subject to working capital and various other adjustments under the Merger Agreement.
However, the plaintiff claims that the $9.57-offer is too low and undervalues Lakes Entertainment, Inc. Indeed, Lakes Entertainment, Inc. reported that its Total Revenue increased from $10.95 million for the 52 weeks period that ended on December 30, 2012 to $38.79 million for the 52 weeks period that ended on December 29, 2013 and that its respective Net Income increased from $3.22 million to $18.65 million. Shares of Lakes Entertainment, Inc. (NASDAQ:LACO) traded in October 2014 as high as $8.55 per share. In addition, the plaintiff claims that the process is also unfair to NASDAQ:LACO stockholders.
On February 13, 2015, NASDAQ:LACO shares closed at $8.38 per share.
Those who are current investors in Lakes Entertainment, Inc. (NASDAQ:LACO) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com