MONSEY, N.Y., July 24, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the $45.50 per share in cash pursuant to which Heritage-Crystal Clean, Inc. (Nasdaq: HCCI) (“HCCI”) has agreed to be sold to J.F. Lehman.
If you remain an HCCI shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/heritage-crystal-clean/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On July 19, 2023, after the markets closed, HCCI announced that it had agreed to be sold to J.F. Lehman for $45.50 per share in cash, a small 8.5% premium to the closing price on July 19, 2023.
“We are investigating whether the HCCI Board of Directors acted in the best interests of HCCI shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “In light of the small premium, this includes whether the price agreed upon is fair to HCCI shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
Notably, according to an analysis of Wall Street price targets for HCCI in the last 90 days published on Seeking Alpha, there is a high price target of $54.00 per share, and an average price target of $46.50 per share, which indicates that most Wall Street analysts think the deal price is too low.
Individual investors appear to agree the price is too low. For example, an investor on SeekingAlpha with the screenname NJ Trader characterized the small premium to the closing price on July 19, 2023, as “absurdly low,” and a “joke,” and questioned the HCCI Board’s motives for accepting such a small premium.
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
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