Charming Shoppes takes steps to protect interest of share holders
11 Mar '08
2 min read
Charming Shoppes Inc, announced that on March 7, 2008 it filed a lawsuit against the Crescendo Partners and Myca Partners hedge funds, operating jointly under the name of The Charming Shoppes Full Value Committee, and certain of their principals and nominees for election as directors of Charming Shoppes, including Arnaud Ajdler, Eric Rosenfeld and Robert Frankfurt, for violating federal securities laws.
In the federal lawsuit filed on March 7, 2008 in the United States District Court, Eastern District of Pennsylvania, Charming Shoppes, Inc. asserted that Crescendo Partners and Myca Partners have filed with the Securities and Exchange Commission (SEC) materially misleading and incomplete documents in violation of Section 13(d) of the Securities Exchange Act of 1934 as part of their campaign to nominate three directors to Charming Shoppes' board of directors.
"We filed this suit against Arnaud Ajdler, Eric Rosenfeld, Robert Frankfurt and the Crescendo Partners and Myca Partners hedge funds to ensure that our shareholders receive complete and accurate information about the group's interests, plans and motivations that is required by the federal securities laws," said Dorrit J. Bern, Chairman, Chief Executive Officer and President of Charming Shoppes. "We will continue to take appropriate steps to protect the interests of Charming Shoppes' shareholders."
Charming Shoppes stated in its complaint that the Crescendo Partners and Myca Partners hedge funds "have depicted themselves to the investing public as legitimate investors and 'would-be' directors, when in truth their intention is to achieve personal gain at the expense of Charming Shoppes and its shareholders.
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