House & Home
Tue, January 10, 2012
WILMINGTON, Del.--([ BUSINESS WIRE ])--[ Rigrodsky & Long, P.A. ] announces that it is investigating potential claims against the board of directors of Parlux Fragrances, Inc. (aParluxa or the aCompanya) (Nasdaq: [ PARL ]) concerning possible breaches of fiduciary duty and other violations of law related to the Companyas entry into an agreement to be acquired by Perfumania Holdings, Inc. (aPerfumaniaa) in a transaction with an approximate value of $170 million.
Click here to learn more and to discuss your shareholder rights: [ http://investigations.rigrodskylong.com/parlux-fragrances-inc-parl/ ].
Under the proposed agreement, Parlux stockholders may elect to receive, for each share of Parlux common stock that they own, either (i) $4.00 in cash plus 0.20 shares of Perfumania common stock or (ii) 0.53333 shares of Perfumania common stock. Based on Perfumaniaas closing stock price of $19.55 per share on December 22, 2011, and depending on the stockholder elections described above, the merger agreement values a share of Parlux stock at between $7.91 and $8.55.
The investigation concerns whether Parluxas board of directors adequately shopped the Company to obtain the best price possible for Parlux shareholders before entering into the agreement with Perfumania.
If you own the common stock of Parlux and purchased your shares before December 23, 2011, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact [ Seth D. Rigrodsky, Esquire ] or [ Noah R. Wortman, Case Development Director ], of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to [ info@rigrodskylong.com ].
[ Rigrodsky & Long, P.A. ], with offices in Wilmington, Delaware and Garden City, New York, regularly litigates [ securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation ], including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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