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Stock Market & Financial Investment News

News Breaks
March 25, 2014
14:33 EDTAPPAmerican Apparel falls after announcing $30.5M secondary offering
American Apparel (APP) shares are down over 19% after the company announced this morning that it has commenced an underwritten public offering of $30.5M worth of shares of its common stock. Roth Capital Partners is acting as sole book-running manager and Brean Capital is acting as co-manager for the offering. American Apparel intends to use the net proceeds of the offering to fund working capital and for general corporate purposes, including its April 2014 cash interest payment on the company’s senior secured notes. WHAT'S NOTABLE: On February 20, the Wall Street Journal noted that American Apparel engaged lawyers at Skadden, Arps, Slate, Meagher & Flom LLP to work on restructuring options as the company faces softening sales and a large debt load. On March 6, American Apparel received a listing notice from the NYSE MKT. On March 18, the company filed to delay its 10-K, noting that it was "in the process of preparing its plan of compliance in response to the letter the company received from NYSE MKT indicating that the company is not in compliance with the continued listing standards of the NYSE MKT" and adding that it "is also actively pursuing several possible financing alternatives as a means to increase the company’s available cash to fund debt service requirements and operational needs." PRICE ACTION: American Apparel is trading down 14.5c, or 19.16%, to 61c per share. Shares of American Apparel have been trading below $1.00 per share since late January.
News For APP From The Last 14 Days
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June 23, 2015
07:17 EDTAPPAmerican Apparel unveils Dov Charney’s “sordid” behavior, NY Post reports
American Apparel disclosed “sordid details” of the investigation into founder and former CEO Dov Charney, who recently filed a defamation suit against the company, that resulted in his firing, the New York Post reports, citing a court filing. The filing says that the company found “voluminous evidence” that Charney had “sexual liaisons” with employees and models, exchanged pornographic emails and text messages, and took videos and photographs of these encounters using company property, the report says. Reference Link
June 22, 2015
09:08 EDTAPPAmerican Apparel sued by former CEO Charney, LA Times reports
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June 19, 2015
07:38 EDTAPPAmerican Apparel to host next shareholder meeting in Chicago, NY Post reports
American Apparel will host its next shareholder meeting in Chicago, Illinois for the first time, the New York Post reported yesterday. The company had held its meetings in either Los Angeles or New York for the past nine years and is moving this year's meeting to Chicago to avoid causing a “big commotion” and a lot of media coverage, the report says, citing comments from Michael Bigger of Bigger Capital Fund. Reference Link

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