Securities law firms are looking at whether to take on Playboy Enterprises over its plan to take the company private, with one firm already out of the gate with a lawsuit. At least half a dozen national law firms have announced they are investigating potential claims on behalf of shareholders. Specifically, lawyers say shareholders are concerned that Playboy founder Hugh Hefner -- who has offered to buy the company -- is getting special treatment because of his celebrity status.
July 15, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Securities law firms are looking at whether to take on Playboy Enterprises over its plan to take the company private, with one firm already out of the gate with a lawsuit.
On Tuesday, less than one day after Playboy Enterprises announced a proposal to take the company private, one shareholder sued the company and founder Hugh Hefner in Delaware Chancery Court, alleging the plan is detrimental to shareholders.
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