FORT LAUDERDALE, Fla., June 6 /PRNewswire-FirstCall/ --
Parlux Fragrances, Inc, (Nasdaq: PARL) announced today that on June 4, 2003,
it was served with a shareholder's class action complaint filed in the
Delaware Court of Chancery by Judy Altman, purporting to act on behalf of
herself and other public stockholders of the Company.
The complaint names Parlux Fragrances, Inc. as a defendant, along with
Ilia Lekach, Frederick E. Purches, Frank A. Buttacavoli, Jaya Kader Zebede,
Esther Egozi Choukroun and Glenn Gopman, each of whom is a director of the
Company. The complaint relates to the proposal (previously announced) from
Quality King Distributors, Inc. and Ilia Lekach to acquire all of the
outstanding shares of common stock of the Company for $4.00 per share in cash
(the "Proposal"). The complaint seeks to enjoin the defendants from
consummating the proposed transaction, and seeks unspecified damages, plus the
fees, costs and disbursements of Ms. Altman's attorneys.
At a special Board of Directors meeting, (previously announced), an
Independent Committee of the Board, comprised solely of independent directors
(the "Committee") was formed to evaluate, negotiate and ultimately vote to
approve or disapprove the Proposal in accordance with applicable law. The
Committee is in the process of retaining legal and financial advisors to
assist with this matter, and its evaluation of the Proposal is in its
preliminary stages.
Parlux and the other named defendants intend to respond to the shareholder
complaint in due course, but Parlux believes that the complaint is without
merit.
Parlux Fragrances, Inc, is a manufacturer and international distributor of
prestige fragrances and holds the licenses to manufacture and distribute the
designer fragrance brands of Perry Ellis, Ocean Pacific (OP), Fred Hayman
Beverly Hills, and JOCKEY.
The Company may periodically release forward-looking statements pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or
achievements of the Company or its industry to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties include, among
others, future trends in sales and the Company's ability to introduce new
products in a cost-effective manner. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
thereof. The Company undertakes no obligation to publicly release the result
of any revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
SOURCE Parlux Fragrances, Inc.
 back to top
Related links:
http://www.parlux.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/674987.html
CONTACT:
Frank A. Buttacavoli, Parlux Fragrances,
Inc., +1-954-316-9008, ext. 117
|
