A lawsuit was filed for investors in shares of Maidenform Brands, Inc. (NYSE:MFB) in effort to halt the proposed takeover and NYSE:MFB stockholders should contact the Shareholders Foundation.

San Diego, CA -- (SBWire) -- 08/05/2013 --An investor, who currently hold shares of Maidenform Brands, Inc. (NYSE:MFB) , filed a lawsuit in effort to halt the proposed takeover of Maidenform Brands, Inc. by HanesBrands for $23.50 per NYSE:MFB share.

Investors who purchased shares of Maidenform Brands, Inc. (NYSE:MFB) prior to July 24, 2013 , and currently hold any of those NYSE:MFB shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:MFB stockholders by agreeing to sell the company at an unfair price via an unfair process.

On July 24, 2013 Maidenform Brands, Inc. (NYSE:MFB) announced that it has entered into an agreement with HanesBrands (NYSE: HBI) pursuant to which HanesBrands will acquire all of the outstanding shares of Maidenform Brands, Inc. (NYSE:MFB) for $23.50 per share in cash, representing a transaction value of approximately $575 million.

However, the plaintiff claims that the $23.50-offer is too low and the proposed transaction is patently opportunistic and does not reflect the intrinsic value of the company as a takeover candidate. Indeed, NYSE:MFB shares traded in April 2012 as high as $23.77 per share and in April 2011 as high as $31.66 per share, thus above the current offer. In addition, Maidenform Brands’ financial performance improved lately. For instance, it reported that its Total Revenue rose from $466.25 million for the 52 weeks period that ended on Jan. 2, 2010 to $600.28 million for the 52 weeks period that ended on Dec. 29, 2012.

NYSE:MFB shares closed on August 2, 2013, at $2344 per share.

Those who are current investors in Maidenform Brands, Inc. (NYSE:MFB), have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com