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Zagg Inc : The Shuman Law Firm Investigates ZAGG Inc.

03/08/2013 | 08:05pm US/Eastern

The Shuman Law Firm announces that it is investigating potential claims against certain officers and directors of ZAGG Inc. ("ZAGG" or the "Company") (Nasdaq: ZAGG). ZAGG designs, manufactures and distributes protective coverings, audio accessories and power solutions for consumer electronic and hand-held devices.

The firm's investigation relates to allegations that Richard Pedersen, Zagg's founder and former CEO, used ZAGG stock as collateral on personal loans and sold to satisfy margin calls. A class action lawsuit filed against the Company alleges that senior ZAGG officers and/or directors became aware of Pedersen's pledging of ZAGG stock as collateral to meet margin calls as early as December 2011 but instead of disclosing that information, initiated a succession plan to replace Pedersen as CEO while concealing the true reason behind Pedersen's departure.

On August 17, 2012, ZAGG announced that Pedersen had resigned for unspecified reasons. However, beginning on August 20, 2012, the truth emerged that Pedersen's departure was "entirely related to the margin calls situation that started last December and unfortunately surfaced again two weeks ago." ZAGG then disclosed that Pedersen had sold 345,000 shares of ZAGG stock on December 21, 2011 and an additional 515,000 shares on August 14, 2012 to satisfy margin calls.

If you currently own ZAGG common stock and are interested in discussing your rights as a shareholder, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or email Mr. Glenn at rusty@shumanlawfirm.com.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.

The Shuman Law Firm
Kip B. Shuman, Esq., 866-974-8626
Rusty E. Glenn, Esq., 866-974-8626
Fax: 303-484-4886
Web: www.shumanlawfirm.com

© Business Wire 2013
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