Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Charming Shoppes Inc. (“Charming Shoppes” or the “Company”) (NASDAQ: CHRS) for potential breaches of fiduciary duties in connection with their duty to disclose material information in the Solicitation/Recommendation Statement Schedule 14D-9 (the “Recommendation Statement”) filed with the S.E.C. on May 15, 2012, which may impair shareholders’ ability to adequately value stock price in relation to the sale of the Company to Ascena Retail Group, Inc. (NASDAQ: ASNA) in an all-cash deal valued at about $890 million. The price per share offered to Charming Shoppes shareholders is also under investigation, as under the terms of the proposed transaction, Charming Shoppes’ stockholders will receive only $7.35 in cash per each share of Charming Shoppes they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $8.00 for Charming Shoppes. The proposed transaction is structured as a tender offer and may be effectuated without a shareholder vote. The closing of the tender offer is expected to occur on June 12, 2012. Time is of the essence.
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Whether Charming Shoppes’ Board of Directors breached their fiduciary duties to Charmin Shoppes’ stockholders by failing to disclose all material information in the Recommendation Statement, whether they failed to maximize shareholder value and if so, by how much the sale undervalues the Company to the detriment of Charming Shoppes’ shareholders - are the key focus of this investigation.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.