The plaintiffs in the consolidated class action In re J.Crew Group Inc. Shareholders Litigation are mostly institutional investors. They alleged that the J. Crew directors breached their duty to the shareholders when they agreed to sell the company to the private equity firms TPG Capital LP and Leonard Green & Partners LP for a total of about $3 billion, according to the court’s docket. The acquisition was announced in late November.

The shareholders claimed the $43.50 per-share offer price was unfair and that the directors had a duty to shop for a better price.

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