$2.2B Jones Group Offer Shortchanges Investors, Suit Says

Law360, New York (January 14, 2014, 7:51 PM EST) -- The Jones Group Inc. was hit with a putative class action in New York state court Monday alleging the clothing retailer failed to address shareholder needs before agreeing to be acquired by Jasper Parent LLC for about $2.2 billion.

The suit, filed by shareholder Gus Voyiatgis, accuses Jones of agreeing to the merger without taking shareholders into account, breaching its fiduciary duties and acting in bad faith toward its shareholders.

"The company's position in the marketplace and historical trading prices establish the consideration offered in the...
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