Faruqi & Faruqi, LLP Announces Investigation of Parlux Fragrances Inc. (PARL)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Parlux Fragrances Inc. (“Parlux” or the “Company”) (NASDAQ: PARL) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Perfumania Holdings, Inc. (“Perfumania”) (NASDAQ: PERF) in a cash and stock deal valued at about $174.62 million. Under the terms of the proposed transaction, Parlux stockholders can choose to take either (a) $4.00 in cash and 0.20 share of Perfumania, or (b) 0.53333 of a share of the acquirer. The deal values Parlux at $6.65 to $7.06 per share, based on Perfumania’s $13.23 closing price on December 27, 2011.
Whether Parlux’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Parlux’s shares and by how much this proposed transaction undervalues the Company to the detriment of Parlux’s shareholders are the key focus of this investigation.
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Faruqi & Faruqi, LLP
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