Los Angeles: Playboy owner Hugh Hefner is reportedly being sued by one of the company's shareholders for living the good life and refusing to give it up for the sake of his company.
Celebrity website TMZ.com has obtained a class action lawsuit filed by a Playboy shareholder who claims the company is falling apart and Hefner has intentionally sabotaged two potential deals in the last 6 months to sell the company at a decent price.
In the lawsuit, an investment company that analysed Playboy's business sent a note stating, "we think the wildcard here is Hugh Hefner."
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"If you were Hugh Hefner, 81, would you give up the parade of busty blonds, the fancy mansion and the reality TV show for a payout?" Hefner has continued to live the good life and make sure everyone knows it. Hefner remains in the limelight, showing up a t media events and at the Playboy mansion ... with his girlfriends by his side," the note said.
The owner of US best selling men's glossy magazine, Hefner founded the magazine more than 56 years but its profits slump in the face of free pornography available on the internet.
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"Today, the price of a Playboy magazine is far higher than the price of Playboy common stock. In 1999, the stock sold for $36 a share. Today Playboy closed at $3.14. The magazine sells for $ 5.99 ... because of the articles," the note said.
The plaintiffs said Hefner runs roughshod over the shareholders and they want unspecified damages.
