Hemisphere Media Group, Inc. (NASDAQ: HMTV)
Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Hemisphere Media Group breached their fiduciary duties in connection with the proposed sale of the Company to Gato Investments LP.
On May 9, 2022, Hemisphere announced that it had agreed to be acquired by Gato Investments in an all-cash deal. According to the merger agreement, Hemisphere stockholders will receive $7.00 in cash for each share of Hemisphere common stock owned.
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The investigation concerns whether the Hemisphere board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Hemisphere shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given the 52-week high for Hemisphere was $13.19.