A lawsuit was filed for investors in shares of The Jones Group Inc. (NYSE:JNY) in effort to halt the proposed takeover and NYSE:JNY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/22/2014 -- An investor, who currently holds shares of The Jones Group Inc. (NYSE:JNY) shares, d a lawsuit in effort to halt the proposed takeover of The Jones Group Inc. by Sycamore Partners for $15.00 per share.
Investors who purchased shares of The Jones Group Inc. (NYSE:JNY) and currently hold any of those NYSE:JNY shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:JNY stockholders arising out of the attempt to sell The Jones Group Inc. too cheaply via an unfair process to Sycamore Partners.
On December 19, 2013, The Jones Group Inc. and Sycamore Partners announced that they have entered into an agreement pursuant to which affiliates of Sycamore Partners will acquire The Jones Group for $15.00 per share in cash. The transaction is valued at approximately $2.2 billion, including net debt.
However, the plaintiff alleges that the $13.00-offer is too low and undervalues The Jones Group Inc. Indeed, NYSE:JNY shares traded as recently as August 2013 as high as $17.69 per share. Furthermore, the Jones Group ‘s performance improved recently. For instance, the Jones Group Inc. reported that its annual Total Revenue rose from over $3.32 billion in 2009 to over $3.78 billion in 2012. NYSE:JNY shares grew from $9.08 per share in early 2012 to as high as $17.69 per share in August 2013.
On January 17, NYSE:JNY shares closed at $14.86 per share.
Those who are current investors in The Jones Group Inc. shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego