Legal

The "party" may be back on in the IPO world. There wasn't much to celebrate about the first three months of 2015 in the IPO market. It was the worst quarter for bringing companies public in more than three years, according to Renaissance Capital. What better company to change that vibe than Party City? North America's largest party goods retailer by revenue filed paperwork Monday to list its shares on the New York Stock Exchange under the ticker symbol "PRTY." 

Australian class action law firm Slater & Gordon Ltd filed a suit against surf-wear retailer Billabong International Ltd, accusing it of "conduct that was misleading or deceptive" in a series of earnings updates four years ago. In a statement filed in the Federal Court of Victoria state on Wednesday, and obtained by Reuters a day later, Slater & Gordon said its client, the Malone Family Superannuation Fund, was seeking unspecified damages from Billabong, which it accused of breaching its disclosure obligations.

RadioShack's rescue deal to keep 1,740 stores open was attacked on Thursday by the bankrupt retailer's top creditor, a failed bidder who called the auction a sham and sought a new sale. RadioShack, which filed for bankruptcy last month, told a U.S. bankruptcy judge it had selected the Standard General hedge fund as the winning bidder in the private four-day auction, which ended just before Thursday's hearing. The hedge fund plans to operate the stores in conjunction with wireless phone company Sprint Corp. 

American Apparel said in a filing on Wednesday that the U.S. Securities and Exchange Commission has ordered an investigation into a potential legal violation related to its founder and former Chief Executive Officer Dov Charney. The filing said the investigation is a nonpublic, fact-finding inquiry into matters arising from the board committee's review that formalized Charney's firing in December 2014. The fashion retailer said it intends to cooperate fully with the regulator in its investigation.

Target has agreed to pay $10 million in a proposed settlement of a class-action lawsuit related to its 2013 data breach that consumers say compromised their personal financial information, court documents show. Under the proposal, which requires federal court approval, Target will deposit the settlement amount into an interest-bearing escrow account, to pay individual victims up to $10,000 in damages. The proposal also requires Target to adopt and implement data security measures such as appointing a chief information security officer and maintaining a written information security program.

Versa Capital Management LLC has won the auction for teen retailer the Wet Seal Inc., which is currently undergoing bankruptcy proceedings. Foothill Ranch, Calif.-based Wet Seal and an affiliate of Versa have entered into an asset purchase agreement which will be presented to the U.S. Bankruptcy Court in Delaware for approval at a hearing scheduled for March 18. Versa's winning bid includes replacement debtor-in-possession financing. Wet Seal had received $20 million debtor-in-possession financing from B. Riley Financial Inc., which allowed it to continue to operate its stores during the reorganization.

Cosmetics retailer Mary Kay has filed a lawsuit in federal court against digital coupon giant RetailMeNot, claiming the company is soliciting coupons for the cosmetic company without its consent. Mary Kay says in the suit, filed on Friday in U.S. District Court in Dallas, that it doesn't provide digital deals, offers and coupons for publication on RetailMeNot and hasn't authorized or permitted the site to list deals, sales or codes using its name or likeness. Mary Kay is seeking to bar RetailMeNot from using its name, slogans, website, etc., as well as damages and court fees.

The Senate has reintroduced a bipartisan bill aimed at making it easier for states to collect sales taxes on online purchases. The legislation, known as the Marketplace Fairness Act, passed the Senate in 2013, but was stalled in the House. Several of the bill's backers co-sponsored the latest iteration: Senators Dick Durbin, D-Ill., Mike Enzi, R-Wyo., Lamar Alexander, R-Tenn., and Heidi Heitkamp, D-N.D.

PetSmart's investors have officially approved a buyout of the company by a private equity firm, setting up a payout to stockholders of $83 per share. In December, PetSmart announced it accepted a bid on the company for $8.7 billion. The company expects the transaction to close on March 11. The buyout means PetSmart will become a private company. 

Tiffany & Co. won a Dutch court ruling setting aside a decision by arbitrators who ordered the jewelry chain to pay Swatch Group AG more than 402 million Swiss francs ($419 million) in a dispute over a failed venture. A three-judge panel in Amsterdam ruled in Tiffany's favor Wednesday, the New York-based company said in a U.S. regulatory filing. Swatch and Tiffany became embroiled in a legal battle after the biggest maker of Swiss timepieces alleged the U.S. jeweler blocked development of a partnership to make and sell watches under the Tiffany brand and share the profits.