Pomerantz Law Firm Investigates Claims On Behalf Of Investors Of Charming Shoppes, Inc.

Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Charming Shoppes, Inc. (“Charming Shoppes” or the “Company”) (NASDAQ: CHRS) (ISIN: US1611331034) concerning the proposed acquisition of Charming Shoppes by Ascena Retail Group, Inc. in a cash transaction valued at approximately $890 million.

The investigation concerns whether the Charming Shoppes directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Charming Shoppes shareholders would receive $7.35 in cash per share of Charming Shoppes common stock. However, the price to revenue and assets multiples are below that of comparable transactions. Additionally, at least one analyst has set a target price of $8.60 per share.

Charming Shoppes shareholders seeking more information about this acquisition are advised to contact Rebecca Jarmon at rjarmon@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 314.

The Pomerantz Firm, with offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.

Copyright Business Wire 2010

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