NEW YORK, Dec. 27, 2011 /PRNewswire/ -- 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.
The Law Firm Of Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of Parlux Fragrances, Inc. In Connection With The Sale Of The Company To Perfumania Holdings, Inc.
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