In early October, the company announced that Sun Capital Partners would buy the department store chain for $8 a share. This prompted shareholders to file a class action lawsuit against Goody's for allegedly neglecting to seek a better offer. The company agreed to raised the price of a share to $9.60, but will proceed with the previously agreed upon acquisition price. When the class action settlement is approved, $700,000 will be deposited in a dedicated account for shareholders. (Dec-25-05)
[CLARION LEDGER]
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