Zagg Inc : The Shuman Law Firm Investigates ZAGG Inc.
03/08/2013| 08:05pm US/Eastern
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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
kip@shumanlawfirm.com
or
Rusty
E. Glenn, Esq., 866-974-8626
rusty@shumanlawfirm.com
or
Fax:
303-484-4886
Web: www.shumanlawfirm.com
© Business Wire 2013
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