Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Charming Shoppers Inc. (“Charming Shoppers” or the “Company”) (NASDAQ: CHRS) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Ascena Retail Group, Inc. (NASDAQ: ASNA) in an all-cash deal valued at about $890 million. Under the terms of the proposed transaction, Charming Shoppers’ stockholders will receive $7.35 in cash for each share of Charmin Shoppers’ common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $8.00 for Charming Shoppers. The proposed transaction is structured as a tender offer and may be effectuated without a shareholder vote.

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Whether Charming Shoppers’ Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Charming Shoppers’ shares and by how much this proposed transaction undervalues the Company to the detriment of Charming Shoppers’ 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.

If you own common stock in Charming Shoppers and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/CHRS or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.

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