White House|Black Market Withdraws Motion against Cache
Cache Inc., (NASDAQ: CACH) today announced that Florida based Chico’s FAS, Inc. and White House|Black Market, Inc. have voluntarily withdrawn their motion for a preliminary injunction, representing part of its complaint against Cache over alleged theft of confidential information and trade secrets.
The complaint and preliminary injunction papers allege, among other things, that two former employees of Chico’s that are currently employed by Cache supplied the Company with confidential information and trade secrets.
The Company believes that Chico’s FAS, Inc. filed the lawsuit in an effort to undermine the Company in the marketplace and to promote its viewpoint within the industry resulting in false allegations reported in a key trade publication and in an analyst report.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.