Bluefly Hit With Shareholder Suit Over $13M Clearlake Sale

Law360, New York (July 26, 2013, 7:40 PM EDT) -- A shareholder of online retailer Bluefly filed a class action in Delaware Chancery Court on Tuesday alleging that the company’s $13 million fire sale to private equity firm Clearlake Capital Group L.P. in May was unfair to minority stockholders.

According to the complaint filed by lead plaintiff Thore Sauerland, both Bluefly and Clearlake breached their fiduciary duties to Bluefly’s public shareholders during the May 2013 merger and put the interests of Bluefly’s board of directors and the company’s creditors ahead of the company’s public shareholders.

The merger,...
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