Mister Car Wash investigation focuses on $7 per-share take-private price; BFA Law notifies shareholders to contact the firm

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 controlling stockholder, LGP, for potential breaches of fiduciary duties to shareholders in connection with a pending take-private transaction. The deal is set to cash out every public stockholder for $7 per share.

Proposed take-private deal and potential conflicts

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 offer price may be unfairly low and could reflect conflicts of interest between the company’s board and LGP.

LGP is the largest owner of Mister Car Wash stock, holding over 66% of the company’s common stock. According to the company’s most recent annual report (SEC form 10-K), as long as LGP owns more than 50% of the company’s 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 a merger or sale of the company or its assets. As controlling stockholder, LGP owes fiduciary duties to the public stockholders.

The firm also 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.

What the investigation is focused on

BFA Law is conducting an ongoing investigation into whether the board of directors and LGP breached fiduciary duties to Mister Car Wash stockholders in connection with the contemplated transaction.

New SEC filing and special committee issues

On April 3, 2026, Mister Car Wash filed new disclosures with the SEC on Schedule 13E-3. The filing disclosed the members of the special committee that negotiated the transaction terms on behalf of the company. BFA Law says its investigation has identified potential deficiencies in the independence of those special committee members.

The firm also states that Mister Car Wash’s filing included new details about the background of how the transaction was negotiated. BFA Law said it is continuing to investigate whether management conducted a sufficient sales process in light of the new information, including whether the company genuinely considered alternative purchasers besides LGP.

Potential actions for shareholders

BFA Law says that if holders of Mister Car Wash stock are current shareholders, 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, and that shareholders are not responsible for court costs or expenses of litigation. The firm also says it will seek court approval for any potential fees and expenses.

Shareholders are directed to submit information via the firm’s case page. The notice also lists contact details for Adam McCall at adam@bfalaw.com or 212.789.3619.

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