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Investigations  /  12.27.2010

Robbins Umeda LLP Announces an Investigation of the Acquisition of Jo-Ann Stores, Inc. by Leonard Green & Partners, L.P.

Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors (“Board”) of Jo-Ann Stores, Inc. (“Jo-Ann” or the “Company”) (NYSE: JAS) in connection with their efforts to sell Jo-Ann to Leonard Green & Partners, L.P. (“Leonard Green”).  If the transaction is completed, Jo-Ann shareholders will receive $61.00 in cash for each share of Jo-Ann common stock they hold.  The transaction is expected to be completed in the first half of calendar year 2011.

Robbins Umeda LLP’s investigation concerns whether Jo-Ann’s Board undertook a fair process to obtain fair consideration for all shareholders of Jo-Ann.  Specifically, our investigation concerns whether members of the Company’s Board breached their fiduciary duties to Jo-Ann shareholders by failing to adequately shop the Company before entering into the transaction with Leonard Green.

If you are a shareholder of Jo-Ann, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at info@robbinsarroyo.com.

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Please Note: Neither the submission to nor the receipt of information by Robbins Arroyo LLP or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.

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