WILMINGTON, Del., May 18, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a class action lawsuit has been filed on behalf of stockholders of American Apparel, Inc. (NYSE:APP) (“American Apparel” or the “Company”) seeking to remedy certain alleged breaches of fiduciary duty by certain current and former directors and executives of American Apparel.
If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
On April 29, 2015, an American Apparel stockholder filed a class action complaint against certain former and current directors and officers of American Apparel for breaching fiduciary duties to shareholders. The complaint was filed in the Delaware Court of Chancery, Case No. 10944-CB.
According to the lawsuit, the complaint alleges, among other things, that: (1) certain current and former directors of American Apparel breached their fiduciary duty of disclosure by failing to disclose to stockholders all material information prior to the Company’s June 18, 2014 Annual Meeting; (2) certain current and former directors of American Apparel breached a fiduciary duty by agreeing to a Standstill Agreement that unlawfully restricts the directors from complying with Delaware law; (3) the Company’s former CFO breached his fiduciary duty by causing the Company to enter into a highly dilutive Secondary Offering on March 25, 2014, causing harm to shareholders; and (4) certain current directors breached their fiduciary duties to shareholders by causing the Company to adopt a Poison Pill and amend its Bylaws which severely limited shareholders’ ability to appoint and/or remove directors.
If you own shares of American Apparel and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/APP or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.