San Diego, CA: A securities class action lawsuit was filed on July 27, 2011, on behalf of all persons who hold shares of common stock of BJ's Wholesale Club, Inc. ("BJ's Wholesale Club" or the "Company") against BJ's Wholesale Club and its board of directors for violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 in connection with the proposed acquisition of BJ's by Leonard Green & Partners, L.P. ("LGP") and CVC Capital Partners Advisory (U.S.), Inc. ("CVC").
The complaint arises out of a June 29, 2011 press release announcing that BJ's Wholesale Club entered into a definitive merger agreement with LGP and CVC, pursuant to which BJ's Wholesale Club shareholders would receive $51.25 for each share of BJ's Wholesale Club they own (the "Proposed Acquisition").
The complaint alleges that certain of the defendants, in connection with Proposed Acquisition, breached or aided and abetted the other defendants' breaches of their fiduciary duties of loyalty and due care, as well as federal securities laws. The complaint further alleges that, in an attempt to secure shareholder approval of the Proposed Acquisition, the defendants filed a false and materially misleading Form 14A Preliminary Proxy Statement. The omitted and/or misrepresented information is believed to be material in assisting BJ's Wholesale Club shareholders in making an informed decision whether or not to vote in favor of the Proposed Acquisition.
Plaintiff seeks injunctive relief on behalf of all BJ's Wholesale Club shareholders as of June 29, 2011 (the "Class").