Hot Topic Inc. announced company and group sales results for the first quarter ended May 4, 2013. For the quarter, the company reported net sales of $121.8 million, a decrease of 1.5% from a year ago. Comparable sales were decreased 2.4% compared to 9.5% reported a year ago. For the quarter, the group reported net sales of $174.8 million, a increase of 1.9% from a year ago. Comparable sales were decreased 1.6% compared to 7.5% reported a year ago.

Levi & Korsinsky notifies investors of Hot Topic Inc. of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the company in connection with the sale of the company to Sycamore Partners. A complaint was filed in California state court. Under the terms of the transaction, Hot Topic shareholders will receive $14 for each share of Hot Topic common stock they own. The transaction has a total approximate value of $600 million. The claims concern whether the Hot Topic Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the company before entering into this transaction and whether Sycamore Partners is underpaying for Hot Topic shares, thus unlawfully harming Hot Topic stockholders. In particular, at least one analyst set a price target for Hot Topic stock at $16.00 per share.

Hot Topic Inc. announced that they will report Q1, 2013 sales/trading statement results at 1:00 PM, Pacific Standard Time on May 08, 2013