Two shareholders sue American Apparel over CEO's ouster

April 23, 2015 10:01 AM

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Two shareholders sue American Apparel over CEO's ouster

(Reuters) - Two American Apparel (APP.A) shareholders have filed a lawsuit against the clothing and accessories retailer, alleging its founder and former Chief Executive Dov Charney was fired because he refused to sell the company.

Some shareholders, including Charney, who voted at an annual meeting on June 18 last year were not aware the CEO was under investigation for misconduct, which amounted to a proxy fraud as he was suspended later that day, complainants Jan Hubner and Eric Ribner alleged in the petition.

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