The Wall Street Journal-20080123-Syms Corp-- Shareholders File Suit In Wake of Delisting

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Syms Corp.: Shareholders File Suit In Wake of Delisting

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Shareholders of Syms Corp. filed suit in New Jersey Superior Court and demanded the shareholder registry in the wake of the company's delisting from the New York Stock Exchange on Jan. 14. Barington Capital Group LP and Esopus Creeks Advisors LLC, which combined own a 9.8% stake in Syms, and other investors allege the company's board breached its fiduciary responsibility and damaged shareholder value when it delisted and deregistered its shares. Syms, an off-price clothing retailer based in the Secaucus, N.J., said, "This was done carefully with outside legal and investment banker advice."