MILWAUKEE, June 18, 2018 /PRNewswire/ — Ademi & O’Reilly, LLP is investigating the Board of Directors of Perry Ellis International (NASDAQ: PERY) for possible breaches of fiduciary duty and other violations of Florida law in connection with the sale of Perry Ellis to founder and former chairman George Feldenkreis.
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Ademi & O’Reilly, LLP alleges Perry Ellis’s long-term financial outlook is improving and yet Perry Ellis shareholders will receive only $27.50 in cash for each share of Perry Ellis common stock they own. George Feldenkreis is well aware of Perry Ellis’s improving financial metrics and is purchasing Perry Ellis at a substantial discount. The merger agreement unreasonably limits competing bids for Perry Ellis by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Perry Ellis receive and accept a superior bid. Perry Ellis insiders, their affiliates and other major shareholders own significant voting stock, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Perry Ellis. Our investigation centers on the conduct of Perry Ellis’s Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Perry Ellis given its current financial condition and prospects.
If you own common stock in Perry Ellis and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, or http://ademilaw.com/case/perry-ellis.
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SOURCE Ademi & O’Reilly, LLP