Wolf Popper LLP Investigates the Proposed Acquisition of Speedway Motorsports, Inc. by Its Controlling Shareholder, Sonic Financial Corporation
SPEEDWAY MOTORSPORTS (TRK)
Last speedway motorsports earnings: 7/31 06:30 am
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US:NYSE Investor Relations:
investors.speedwaymotorsports.com/home/default.aspx
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Source: PR Newswire
NEW YORK, July 24, 2019 /PRNewswire/ -- Wolf Popper LLP is investigating claims on behalf of investors in Speedway Motorsports, Inc. (NYSE: TRK) concerning the proposed acquisition of Speedway by its controlling shareholder, Sonic Financial Corporation. According to Carl Stine, a partner at Wolf Popper LLP, "Speedway's controlling shareholder appears to be trying to take advantage of a temporary dip in the company's stock price—lower than it had been in eight years—to steal the company at an inadequate price."Under terms of the proposed acquisition, Speedway shareholders will receive $19.75 per share in cash. On April 23, 2019, when Speedway's shares were trading at the lowest that they have in the past eight years, Sonic made its initial offer to acquire Speedway for $18.00 per share. Sonic was founded, and is controlled, by the Smith family, which owns over 71% of the voting power of Speedway.Wolf Popper is investigating claims on behalf of investors in Speedway concerning the trans
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