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 firstname.lastname@example.org.