Rigrodsky & Long, P.A., a national securities firm with offices in Delaware and New York, announces that it is investigating potential claims against the board of directors of Charming Shoppes, Inc. (“Charming Shoppes” or the “Company”) (NASDAQ GS: CHRS) over the Company’s entry into an agreement to be acquired by Ascena Retail Group, Inc. (“Ascena”) (NASDAQ GS: ASNA) in a cash transaction valued at approximately $890 million. The transaction is subject to customary conditions and approvals, and is expected to close during the second calendar quarter of 2012.
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Under the terms of the agreement, Ascena 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, according to Yahoo! Finance, at least one analyst has set a price target for Charming Shoppes stock at $9.00.
The investigation concerns whether Charming Shoppes’ board of directors failed to adequately shop the Company and obtain the best price possible for Charming Shoppes’ shareholders before entering into an agreement with Ascena.If you own the common stock of Charming Shoppes and purchased your shares before May 2, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Scott J. Farrell, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/charming-shoppes-inc-chrs. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.