Ex-CEO of Children’s Place Files Lawsuit
New York The former chief executive of The Children's Place Retail Stores Inc. has filed a complaint demanding the children's clothing retailer move up its annual meeting, according to a regulatory filing Monday.
On Friday, Ezra Dabah requested that the company hold its annual meeting within 45 days of his filing the complaint. The meeting is currently scheduled for June 27. The last meeting was held June 22, 2006.
"There is no reason to delay the annual meeting for another four months," Dabah said in the filing with the Securities and Exchange Commission.
Dabah beneficially owns about 5 million shares, or a 17.2% stake in the Secaucus, N.J.-based company.
Dabah was forced out as CEO in September after a company probe found he had violated internal policies for securities trades. Earlier this month, Dabah said he intended to offer, along with Golden Gate Private Equity Inc., $24 per share in cash for Children's Place.
In a letter to the board, Dabah sought permission to bypass certain Delaware shareholder acquisition laws that could otherwise preclude Golden Gate's participation in an offer.
In the latest filing, Dabah said that if the board fails to grant the waiver, it is "effectively depriving itself of the opportunity to review and consider, on behalf of the company's stockholders, a premium offer to acquire the company."
Dabah said he plans to contact other shareholders and may solicit proxies to receive shareholder approval of his proposals or seek to elect directors to the board.