Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Playboy Enterprises, Inc. (“Playboy” or the “Company”) (NYSE: PLA, PLA-A) concerning the Company’s receipt of a proposal from Playboy’s founder, Editor-in-Chief and Chief Creative Officer, Hugh M. Hefner, for a going private transaction (the “Proposal”). 

Are you affected?

• Do you own Playboy Enterprises, Inc. common stock?
• Did you purchase your shares before July 12, 2010?
• Do you feel the buyout offer is unfair?
• Do you want to discuss your rights?

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Playboy Enterprises, Inc. (“Playboy” or the “Company”) (NYSE: PLA, PLA-A) concerning the Company’s receipt of a proposal from Playboy’s founder, Editor-in-Chief and Chief Creative Officer, Hugh M. Hefner, for a going private transaction (the “Proposal”).

The investigation concerns whether Playboy’s board of directors is adequately shopping the Company and working to obtain the best price possible for Playboy’s shareholders.  The Proposal contemplates the acquisition of all of the Class A and Class B shares of Playboy common stock not already beneficially owned by Mr. Hefner at a price of $5.50 per share in cash or approximately $185 million.  According to the Company’s press release announcing the Proposal, Mr. Hefner already owns approximately 69.5% of the Company’s outstanding Class A common stock and approximately 27.7% of the Company’s Class B common stock.  Furthermore, Mr. Hefner has stated he is not interested in any sale or merger of Playboy, selling his shares to any third party or entering into discussions with any other financial sponsor for a transaction of the nature proposed in his Proposal.  On July 12, 2010, in response to Mr. Hefner’s offer, the Company announced it will appoint a Special Committee of independent directors to consider the Proposal.

If you own the common stock of Playboy and purchased your shares before July 12, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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