Attorney Advertising. The law firm of Wolf Haldenstein Adler Freeman & Herz LLP is investigating possible breaches of fiduciary duty by the Board of Directors of Playboy Enterprises, Inc. ("Playboy" or the "Company") (NYSE:PLA, PLAA) arising out of the proposed going private acquisition of Playboy by Hugh M. Hefner ("Hefner"), the company's Chief Creative Officer and Founder.
On Monday, July 12, 2010, Playboy announced that its Board of Directors received a going private proposal from Hefner. Under the terms of the agreement, Playboy stockholders will receive cash of $5.50 in exchange for each share of Playboy Class A and Class B common stock. Hefner currently owns approximately 69.5% of the Company's Class A common stock and 27.7% of the Company's Class B common stock. Pursuant to this proposed going private acquisition, Hefner may be underpaying for Playboy, thus unlawfully harming Playboy shareholders.
Wolf Haldenstein has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in U.S. federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
If you own Playboy common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Martin Restituyo or Derek Behnke | ||
Wolf Haldenstein Adler Freeman | ||
& Herz LLP | ||
270 Madison Avenue | ||
New York, New York 10016 | ||
Phone Numbers: | (800) 575-0735 | |
(212) 545-4600 | ||
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Email: | restituyo@whafh.com | |
Classmember@whafh.com | ||
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Website: | http://www.whafh.com |
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
Contacts:
Wolf Haldenstein Adler Freeman
& Herz LLP
Martin Restituyo
or Derek Behnke
800-575-0735 or 212-545-4600
restituyo@whafh.com
Classmember@whafh.com