Shares Of dELiA*s Up 10% After Leon Cooperman Buys Big Stake
Shares in dELiA*s (NASDAQ: DLIA) bounced nearly 11 percent after a regulatory filing revealed that investor Leon Cooperman had acquired an 11.4 percent stake.
In the filing, Cooperman, who is chairman of Omega Advisors, said he didn't propose "changing or influencing the control" of teenage apparel retailer.
The company obtained shareholder approval last week to use $24.1 million in proceeds of a note placement for general corporate purposes, and also to boost the number of authorized shares.
DELia*s fiscal 2014 net loss widened to $52.6 million from $20.75 a year earlier. Revenue fell $136.5 million, from $222.7 million in 2013.
Shares traded recently at $0.87 per share, up 10.15 percent.
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