Bloomberg Law
March 18, 2019, 8:56 PM

Cravath Sued for Role in $1.36B Grocery Chain Buyout

Melissa Heelan Stanzione
Melissa Heelan Stanzione

Cravath, Swaine & Moore is being sued by a former public shareholder of a grocery chain in a class action that alleges the firm breached its fiduciary duty by providing tainted advice that directed the grocer toward a buyer, private equity group Apollo Global Management.

New York-based Cravath crafted a “false and misleading” U.S. Securities and Exchange Commission filing relating to the 2016 $1.36 billion leveraged buyout of The Fresh Market by Apollo, the complaint alleges.

The plaintiff claims in a complaint filed in the Delaware Court of Chancery that Cravath drafted the Schedule 14D-9 “to procure stockholder approval and ...

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