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Stock Market & Financial Investment News

News Breaks
June 29, 2014
12:20 EDTAPPAmerican Apparel adopts stockholder rights plan after Dov Charney filing
American Apparel announced that a special committee of its Board of Directors has adopted a one-year stockholder rights plan that is designed to strengthen the ability of the Board of Directors to protect the company's stockholders. The company's stockholder rights plan was adopted in response to reports of rapid accumulations of the company's outstanding common stock. The special committee believes this plan is an important tool to ensure that all American Apparel stockholders are treated fairly. This decision was made in the context of today's SEC filing by Dov Charney in which he expressed an intent to acquire control or influence over the company. The Board of Directors previously suspended Mr. Charney as CEO and declared its intent to terminate him for cause based on an ongoing investigation of misconduct. The rights plan is designed to limit the ability of any person or group, including Dov Charney, to seize control of the company without appropriately compensating all American Apparel stockholders. It is intended to provide the Board of Directors and stockholders with time to make informed judgments. It does not affect trading by passive investors, as it allows such investors to accumulate as much as 15% of the company's common stock and has no impact on a takeover proposal for the entire company acceptable to the holders of a majority of the company's shares. Under the terms of the rights plan, Dov Charney will not be deemed to “beneficially own” any of the securities beneficially owned by Standard General, SG, as referenced in Amendment No. 13 to the Schedule 13D dated December 12, 2007, filed by Mr. Charney on June 27, solely by reason of the letter agreement dated June 25, between Dov Charney and SG . However, Charney will be deemed to “beneficially own” all such securities beneficially owned by SG upon either entry into the definitive loan documents contemplated by the Letter Agreement, entry into the cooperation agreement contemplated by the Letter Agreement, any purchase of securities by Charney from SG following execution of the Letter Agreement or entry into any other agreement, arrangement or understanding with SG which would otherwise give Mr. Charney beneficial ownership of the securities beneficially owned by SG.
News For APP From The Last 14 Days
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August 19, 2014
09:15 EDTAPPAmerican Apparel price target raised to $1.25 from $1 at Roth Capital
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August 18, 2014
17:19 EDTAPPAmerican Apparel sees FY14 adjusted EBITDA $40M-$45M
17:18 EDTAPPAmerican Apparel reports Q2 EPS (9c), consensus (6c)
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August 12, 2014
17:39 EDTAPPAmerican Apparel reports estimated Q2 EPS (9c), one estimate (6c)
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16:48 EDTAPPAmerican Apparel files to delay 10-Q
As previously disclosed, five of the seven directors of American Apparel resigned on July 9, and four new board members were appointed to fill the vacancies resulting from such resignations on August 2, and one new board member was appointed to fill the remaining vacancy on August 8. The new board needs additional time to review the financials and ask questions of management before the Company is in a position to finalize the financials to the Quarterly Report on Form 10-Q for the quarter ended June 30. In light of the foregoing, the process of completing the financial statements and the related information required to be included in the Quarterly Report could not be completed by the scheduled filing deadline for the Quarterly Report.

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