Christopher & Banks said it will provide certain documents related to stock transactions per a demand by its activist investor Macellum Advisors.
Macellum sent a letter July 8 requesting books and records in connection to stock transactions by four directors around September 2014.
The retailer said, “The company is in the process of complying with the books and records demand.”
Christopher & Banks also said the transactions by three directors were disclosed in the company’s September 2014 earnings release and that those transactions had been pre-cleared. It noted that the transaction by a fourth director was not a sale, but a transfer to his former spouse per a divorce decree.
The company said that it believes that an “objective review of the facts will reflect there were no violations of the law.”