NEW YORK, Jan. 14, 2014 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors of The Jones Group Inc. ("The Jones Group" or "the Company") (NYSE:JNY) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the Company in connection with the sale of the Company to Sycamore Partners. A complaint was filed in New York state court.
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Under the terms of transaction, The Jones Group shareholders will receive $15.00 in cash for each share they own for a total a transaction value of approximately $2.2 billion, including net debt. The claims concern whether the Company's Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Sycamore Partners is underpaying for The Jones Group shares. In particular, at least one analyst set a price target for JNY stock at $18.00 per share.
If you own The Jones Group common stock and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/JNY-The-Jones-Group.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP