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Charming Shoppes, Inc. (NASDAQ:CHRS) Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties In Takeover By Ascena Retail Group

  • If you purchased shares of Charming Shoppes, Inc. (NASDAQ:CHRS) prior to May 2, 2012 and currently hold any of those NASDAQ:CHRS shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Charming Shoppes, Inc.
Security
NASDAQ: CHRS

Case Name
Charming Shoppes Deal Case 05/25/2012
Type of Lawsuit
Shareholder Class Action
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Summary

May 29, 2012 (Shareholders Foundation) -- An investor in NASDAQ:CHRS shares filed a lawsuit against members of the board of directors of Charming Shoppes, Inc. in effort to stop the proposed sale of Charming Shoppes, Inc. to Ascena Retail Group at $7.35 per NASDAQ:CHRS share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CHRS investors arising out of the attempt to sell the company too cheaply via an unfair process.

On May. 2, 2012, Ascena Retail Group, Inc. and Charming Shoppes, Inc. announced that they have entered into an agreement under which Ascena Retail Group will acquire Charming Shoppes in a cash transaction valued at approximately $890 million. Ascena Retail Group has agreed to make a cash tender offer for all outstanding shares of Charming Shoppes common stock at a price of $7.35 per share.

However, the plaintiff alleges that the $7.35offer undervalues Charming Shoppes, Inc. and is unfair to NASDAQ:CHRS investors. In fact, at least one analyst has set the high target price for NASDAQ:CHRS at $9.00 per share.