WWD.com/business-news/financial/fivet-capital-cuts-american-apparel-stake-7783685/

FiveT Capital decided not to stay around for the fight over American Apparel Inc.

The Zurich-based investor sold off 14.9 million shares of the company last month for $10.1 million, according to a regulatory filing today. Most of the stock sales occurred after the company ousted founder Dov Charney as president, chief executive officer and chairman, for alleged misconduct.

Charney has teamed with investor Standard General and together they control about 44 percent of the company.

The former ceo has called a special shareholder meeting to reshape the board and is also fighting his dismissal in arbitration.

Shares of the stock rose 4.8 percent to 87 cents today, giving the company a market capitalization of $150.9 million.