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Revlon Inc. Investor Class Action Lawsuit - 05/12/2009

  • If you currently hold shares of Revlon, Inc. (NYSE: REV) and purchased those shares before April 20, 2009 you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Revlon, Inc.
Security
NYSE: REV

Case Name
Revlon Inc. Investor Class Action Lawsuit - 05/12/2009
Type of Lawsuit
Shareholder Class Action
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Summary

An investor in Revlon, Inc. has filed a proposed securities class action lawsuit against Revlon, Inc. (NYSE: REV) on behalf of the public stockholders of Revlon, Inc. (REV).
According to the complaint the plaintiff reportedly alleges that on April 20, 2009, Revlon Inc announced that MacAndrews Forbes Holdings Inc. had proposed that all of the outstanding shares of Revlon's Class A common stock not currently held by MacAndrews Forbes Holdings Inc. and its affiliates would be converted into shares of a newly-issued series of voting preferred stock of Revlon having an aggregate liquidation preference of $75 million (or approximately $3.74 per share, based upon 20.042 million shares not currently owned by MacAndrews and its affiliates). The Complaint also alleges that the terms of the Transaction are unfair to the class, and the unfairness is compounded by the gross disparity between the knowledge and information possessed by MacAndrews and Ronaldo O. Perelman by virtue of their control of Revlon and that possessed by Revlon's public shareholders. Their scheme and intent is to take advantage of this disparity and to induce the class to relinquish their shares in the acquisition for inadequate, unfair consideration.

Revlon, Inc., through its direct wholly owned operating subsidiary, Revlon Consumer Products Corporation manufactures, markets and sells an array of cosmetics, women’s hair color, beauty tools, fragrances, skincare, anti-perspirants /deodorants and personal care products. Revlon, Inc. is located in New York and had $1.3671billion in total revenue in 2007 and $1.3468billion in total revenue in 2008 with net income of $57.9million in 2008. Shares of Revlon, Inc (REV) traded recently at $5.18 per share, down from the 52weekHigh of $14.85 per share in October 2008. Revlon shares reached $543.75 per share back in 1998 and over $300 in 1999, but continued to decline in 2000 to around $100 per share until they reached a low of $2.30 per share within the last 52weekLow. Since then REV shares recovered to around $5 per share.