The Law Firm of Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Parlux...
10 Gennaio 2012 - 10:03PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Parlux Fragrances, Inc. (“Parlux” or the “Company”) (Nasdaq: PARL)
for possible breaches of fiduciary duty and other violations of
state law in connection with the sale of the Company to Perfumania
Holdings, Inc. (“Perfumania”) (Nasdaq: PERF). Under the terms of
the transaction, Parlux shareholders will receive either (a) $4.00
in cash plus 0.20 shares of Perfumania common stock or (b) 0.53333
shares of Perfumania common stock. Based on Perfumania’s $19.55 per
share closing price on December 22, 2011, and based on stockholder
elections, the transaction values Parlux stock between $7.91 and
$8.55 per share for a total transaction valued of approximately
$170 million.
Click here to learn how to join the action:
http://www.zlk.com/parlux-frangrances-parl, or call:
877-363-5972.
The investigation concerns whether the Parlux Board of Directors
breached their fiduciary duties to Parlux stockholders by failing
to adequately shop the Company before entering into this
transaction and whether Perfumania is underpaying for Parlux
shares, thus unlawfully harming Parlux stockholders.
If you own common stock in Parlux and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free:
(877) 363-5972, or http://www.zlk.com.
Levi & Korsinsky has extensive expertise in prosecuting
investor securities litigation involving financial fraud and
represents investors throughout the nation, concentrating its
practice in securities and shareholder litigation. For more
information, please feel free to contact any of the attorneys
listed below. Attorney advertising. Prior results do not guarantee
similar outcomes.
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