Faruqi & Faruqi, LLP Announces Investigation of Charming Shoppes Inc. (CHRS)
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 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 Shoppes’ stockholders will receive $7.35 in cash for each share of Charming Shoppes’ common stock 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.
Whether Charming Shoppes’ 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 Shoppes’ shares and by how much this proposed transaction undervalues the Company to the detriment of Charming Shoppes’ shareholders are the key focus of this investigation.
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Faruqi & Faruqi, LLP
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