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Leading securities law firm Bleichmar Fonti & Auld LLP has notified stockholders of Mister Car Wash, Inc. (NASDAQ: MCW) that new details have emerged related to its ongoing investigation into the company’s board of directors and its controlling stockholder, LGP, regarding potential breaches of fiduciary duties to shareholders in connection with a pending take-private transaction. The deal would cash out every public stockholder for $7 per share.
On February 18, 2026, Mister Car Wash announced it had agreed to be acquired by Leonard Green & Partners, L.P. (“LGP”) for $7.00 per share. The firm says the price may be unfairly low and could reflect conflicts of interest between Mister Car Wash’s board and LGP.
LGP is the largest owner of Mister Car Wash stock, holding more than 66% of the company’s common stock. According to the company’s most recent annual report on Form 10-K, when LGP owns more than 50% of the common stock it can exert controlling influence over matters requiring stockholder approval, including director nominations and elections and approval of significant corporate transactions such as mergers or sales of the company or its assets. As controlling stockholder, LGP owes fiduciary duties to the public stockholders.
The firm also points to the company’s disclosure activity. On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. In that filing, the company disclosed the members of the special committee that negotiated the transaction terms on behalf of the company.
Bleichmar Fonti & Auld says its investigation has identified potential deficiencies in the independence of those special committee members. The firm also states that Mister Car Wash disclosed additional information about the background of how the transaction was negotiated.
BFA Law said it is continuing to investigate whether Mister Car Wash’s management conducted a sufficient sales process in light of the newly disclosed information, including whether the company genuinely considered alternative purchasers besides LGP.
The firm further notes that LGP has already used its shares to approve the take-private sale, and the company does not plan to solicit additional votes from public stockholders. With the ability to approve the transaction using only its own votes, the firm says LGP may be incentivized to execute the deal as cheaply as possible.
Bleichmar Fonti & Auld said that if shareholders are current holders of Mister Car Wash stock, they may have legal options and are encouraged to submit information to the firm.
The firm states that representation is on a contingency fee basis, with no cost to shareholders. It also says shareholders are not responsible for court costs or expenses of litigation, and that the firm will seek court approval for any potential fees and expenses.
For submission information, the firm directs shareholders to: https://www.bfalaw.com/cases/mister-car-wash-investigation.
It also provides contact details: Adam McCall, adam@bfalaw.com, 212.789.3619.
Bleichmar Fonti & Auld LLP describes itself as an international law firm representing plaintiffs in securities class actions and shareholder litigation. It cites recognition including being named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and attorneys named “Elite Trial Lawyers” by the National Law Journal and “Litigation Stars” by Benchmark Litigation, among other listings. The firm also cites recoveries including over $900 million from Tesla, Inc.’s Board of Directors and $420 million from Teva Pharmaceutical Ind. Ltd.
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