The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Charming Shoppes, Inc. in Connection with the Sale of the Company to Ascena Retail Group, Inc.
NEW YORK, May 3, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Charming Shoppes, Inc. ("Charming Shoppes" or the "Company") (Nasdaq: CHRS) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Ascena Retail Group, Inc. (Nasdaq: ASNA). Under the terms of the agreement, Charming Shoppes shareholders will receive $7.35 for each share of Charming Shoppes stock they own. The transaction has a total approximate value of $890 million.
Click here to learn how to join the action: http://www.zlk.com/charming-shoppes-chrs, or call: 877-363-5972. There is no cost or obligation to you.
The investigation concerns whether the Charming Shoppes Board of Directors breached their fiduciary duties to Charming Shoppes stockholders by failing to adequately shop the Company before entering into this transaction and whether Ascena Retail Group, Inc. is underpaying for Charming Shoppes shares, thus unlawfully harming Charming Shoppes stockholders. In particular, at least one analyst set a price target of $9.00 per Charming Shoppes share.
If you own common stock in Charming Shoppes and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLPBack to top