According to the Complaint, Perry Ellis International, Inc. ("Perry Ellis" or the "Company") is a leading designer, distributor, and licensor of a broad line of men’s and women’s apparel, accessories, and fragrances.
This action stems from a proposed transaction announced on June 16, 2018 (the “Proposed Transaction”), pursuant to which Perry Ellis will be taken private by Perry Ellis’s founder and member of the Company’s Board of Directors. Pursuant to the terms of the Merger Agreement, Feldenkreis Holdings will acquire all of the outstanding common shares of Perry Ellis not already beneficially owned by the Feldenkreis family for $27.50 per share in cash.
On September 10, 2018, Defendants filed a proxy statement with the United States Securities and Exchange Commission (the “SEC”) in connection with the Proposed Transaction (the “Proxy Statement”). The Complaint alleges that the Proxy Statement, which scheduled a stockholder vote on the Proposed Transaction for October 18, 2018, omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.