Charming Shoppes, Inc. (CHRS) Shareholder Alert: Bernstein Liebhard LLP Announces Investigation of Acquisition by Ascena Retail Group, Inc.
May 3, 2012
Bernstein Liebhard LLP is investigating whether the Board of Directors of Charming Shoppes, Inc. (“Charming Shoppes” or the “Company”) (NASDAQ: CHRS) breached its fiduciary duty to its shareholders in agreeing to sell Charming Shoppes to Ascena Retail Group, Inc. (NASDAQ: ASNA).
Under the terms of the agreement, Charming Shoppes shareholders will receive $7.35 in cash for each share they own. The investigation is focused on the potential unfairness of the price to Charming Shoppes shareholders and the process by which the Charming Shoppes Board of Directors considered and approved the transaction.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years.