Hef Sued for Not Selling Playboy

Shareholder claims Hugh Hefner sabotaged two deals
By Evann Gastaldo,  Newser Staff
Posted Feb 9, 2010 7:09 AM CST

(Newser) – At 81, Hugh Hefner is still attending glamorous parties with decades-younger models on each arm, but his company is languishing—and one shareholder has had enough. A class action lawsuit obtained by TMZ alleges that Hef has sabotaged two deals to sell Playboy. The suit cites an analyst's note that said, "We think the wildcard here is Hugh Hefner. Would you give up the parade of busty blonds, the fancy mansion, and the reality TV show for a payout?"

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Hef, at least according to this shareholder, apparently will not—and now he's being sued for unspecified damages. The suit notes that the cover price of Playboy magazine, currently $5.99, is higher than a share of the company's stock, which closed yesterday at $3.14. In 1999, it sold for $36 a share.
(Read more Hugh Hefner stories.)

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