DALLAS, Dec. 27, 2011 /PRNewswire/ -- Former United
States Securities and Exchange Commission attorney Willie Briscoe
and the securities litigation firm of Powers Taylor, LLP are
investigating the sale of Parlux Fragrances, Inc. ("Parlux" or
"PARL") (Nasdaq: PARL) to Perfumania Holdings, Inc. Under the
proposed acquisition, for each share of Parlux/PARL common stock
owned, Parlux shareholders may elect to receive either: (i)
$4.00 in cash and 0.20 shares of
Perfumania common stock, or (ii) 0.53333 shares of Perfumania
common stock. Based on Perfumania Holdings' closing price the
day prior to the acquisition announcement, the value to Parlux
shareholders is between $7.91 and
$8.55, respectively.
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If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or
Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
Under the terms of the definitive acquisition agreement, this
transaction has an approximate value of $170
million. The transaction is expected to close in the
first half of 2012.
The investigation centers on whether Parlux shareholders are
receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues Parlux's stock, and whether
Parlux's board attempted to obtain the highest share price for all
shareholders prior to agreeing to the deal.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP