NEW YORK, NY – July 24, 2019 – (Motor Sports NewsWire) – 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 transaction. Speedway’s shareholders seeking more information about the transaction or Wolf Popper’s investigation can contact Mr. Stine at (212) 759-4600 or firstname.lastname@example.org.
Wolf Popper has extensive experience representing investors in mergers and acquisition lawsuits. Ten Wolf Popper attorneys were named Super Lawyers or Rising Stars in the 2018 Super Lawyers New York City Metro Edition, including Wolf Popper partner Carl Stine, who was included in the Super Lawyers Top 100 List for the New York City Metro area. View Wolf Popper attorney biographies at www.wolfpopper.com.
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Source: Wolf Popper LLP Speedway Motorsports