Hugh Hefner has been sued for living the good life and refusing to give it up for the sake of his company.

We've obtained a class action lawsuit filed by a Playboy shareholder who claims the company is falling apart and Hugh 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 analyzed Playboy's business sent a note stating "we think the wildcard here is Hugh Hefner." The note continues, "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?"

The suit goes on ... "Hefner has continued to live the good life and make sure everyone knows it. Hefner remains in the limelight, showing up at media events and at the Playboy mansion ... with his girlfriends by his side."

The suit laments, "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.