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.
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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 email@example.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. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 15th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky, LLP