On April 11, 2007, Shepherd, Finkelman, Miller & Shah, and their co-counsel Kenney, Egan, McCafferty and Young, filed a Class Action Complaint in the Circuit Court of Broward County, Florida on behalf of their client, The International Union of Operating Engineers Pension Plan of Eastern Pennsylvania and Delaware, and members of the proposed class, against Claire’s Stores, Inc. (“Claire’s”), et al., alleging violations of the several fiduciary duties.
The Complaint alleges that Defendant Claire’s and the Director Defendants acted in their own best interest, rather than in the best interest of Claire’s shareholders, during negotiations with several entities interested in purchasing Claire’s in March 2007. The Complaint further alleges that the Defendant Directors made inappropriate and disloyal demands as conditions of the sale which resulted in shareholders receiving less than true value for their shares of Claire’s.
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