J.Crew Group, Inc. is an American retailer of apparel for men, women, and children.

According to the Complaint filed December 14, 2010, the Individual Defendants agreed to sell the Company to the Buyout Group at an unfair price in order to gain lucrative benefits for themselves, as well as other Company insiders, to the detriment of the Company’s public shareholders.

Specifically, the Company's Chairman and Chief Executive Officer entered into a rollover agreement with the Buyout Group pursuant to which Drexler has agreed to contribute 2,287,545 shares of Company common stock (the equivalent of a $99,508,207.50 investment based upon the per share merger consideration of $43.50 per share) to the Buyout Group in exchange for equity securities in the post-merger company.

According to the Stipulation and Order to Stay Action filed on April 6, 2011, by and between the parties, through their respective Counsel of record, that: This action shall be stayed pursuant to the terms hereof until a "Substantial Development" occurs in the Delaware Action. For purposes of this stipulation, a Substantial Development shall refer to a final resolution in the Delaware Action on whether the MOU is enforceable, a final, non-appealable judgment in the Delaware Action or a binding, court approved settlement of the Delaware Action.

On March 16, 2012, Plaintiff voluntarily dismissed this action as to all Defendants, with prejudice, pursuant to Rule 41(a)(1)(A) of the Federal Rules of Civil Procedure.