A lawsuit was filed for investors in shares of Perry Ellis International, Inc. (NASDAQ: PERY) in connection with the proposed takeover.
San Diego, CA -- (SBWIRE) -- 10/03/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Perry Ellis International, Inc. (NASDAQ: PERY), filed a lawsuit against the takeover of Perry Ellis International, Inc.
Investors who purchased shares of Perry Ellis International, Inc. (NASDAQ: PERY) and currently hold any of those NASDAQ: PERY shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: PERY stockholders by agreeing to sell of Perry Ellis International, Inc. cheaply via an unfair process.
Miami, FL based Perry Ellis International, Inc. designs, sources, markets, and licenses apparel products, accessories, and fragrances.
On June 16, 2018, Perry Ellis International (NASDAQ:PERY) announced it has entered into a merger agreement under which a newly formed entity controlled by George Feldenkreis, Perry Ellis' founder and member of the Company's Board of Directors, will acquire all of the outstanding common shares of Perry Ellisnot already beneficially owned by the Feldenkreis family for $27.50 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:PERY shareholders will receive is grossly inadequate and undervalues Perry Ellis International, Inc. Indeed, at least one analyst has set the high target price for NASDAQ: PERY shares at $29.00 per share. Perry Ellis International, Inc. reported that its Total Revenue rose from $861.08 million for the 12 months period that ended on January 28, 2017 to $874.85 million for the 12 months period that ended on February 3, 2018 and that its Net Income over those respective time periods increased from $14.51 million to $56.65 million. In addition, the plaintiff alleges that the process is also unfair NASDAQ:PERY stockholders.
Shares of Perry Ellis International, Inc. (NASDAQ: PERY) reached as high as $28.50 per share in late 2016.
Those who are current investors in Perry Ellis International, Inc. (NASDAQ: PERY) shares have certain options and should contact the Shareholders Foundation.
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