Apax rue21 purchase draws claims, investigation
New York – Law firm Harwood Feffer LLP is launching an investigation into claims against the board of directors of rue21 Inc. regarding the proposed purchase of the company by Apax Partners. On May 23, rue21 announced a definitive agreement for Apax to buy it, with stockholders receiving $42 in cash per share.
“Our investigation concerns whether the rue21 board of directors is fulfilling its fiduciary duties, maximizing the value of the company, disclosing all material benefits and costs, and obtaining full and fair consideration for company shareholders,” states a Harwood Feffer press release.
Neither rue21 nor Apax has yet officially responded to the investigation. Rue21 shareholders can contact Harwood Feffer for more information.