NEW YORK, June 18, 2018 /PRNewswire/ — WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Perry Ellis International, Inc. (“PERY” or the “Company”) (NASDAQ: PERY) in connection with the proposed acquisition of the Company by a newly formed entity controlled by founder and former Executive Chairman George Feldenkreis. Under the terms of the acquisition agreement, PERY shareholders will receive $27.50 in cash for each share they own.
WeissLaw is investigating whether PERY’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $29.00, or $1.50 above the offer price. Additionally, PERY shares traded for $28.54, or $1.04 above the per-share offer price, as recently as May 31, 2018. Finally, the Company recently announced positive financial results. It reported total revenues of $255 million in the first quarter of fiscal year 2019, representing growth of 5.4% when compared to the $242 million reported in the same period of the previous year.
Given these facts, WeissLaw is investigating whether PERY’s Board acted in the best interests of PERY’s public shareholders to maximize shareholder value prior to entering into the agreement. If you own PERY shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/perry-ellis-international-inc/
SOURCE WeissLaw LLP