SOURCE: Levi & Korsinsky, LLP
NEW YORK, NY--(Marketwire - Sep 12, 2012) - Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court, District of Utah on behalf of investors who acquired ZAGG, Inc. ("ZAGG" or the "Company") (NASDAQ: ZAGG) securities between February 28, 2012 and August 17, 2012.
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The complaint alleges that ZAGG made false and/or misleading statements and/or failed to disclose that: (a) the Company's founder and Chief Executive Officer, Robert G. Pedersen, had placed more than 50% of his ZAGG ownership as collateral on margin, jeopardizing his future with the Company; (b) as a result of Pedersen's actions, the Company began a secret succession plan to replace him; and (c) as a result of the aforementioned, the Company's financial statements were materially false and misleading at all relevant times.
On December 21, 2011, Pedersen sold nearly $2.6 million worth of ZAGG stock. Then on August 17, 2012, it was announced that Pedersen had resigned. It was further disclosed that Pedersen sold 515,000 shares of ZAGG stock only three days prior, and that a substantial number of these shares were sold to meet margin calls.
If you suffered a loss in ZAGG you have until November 5, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/zagg-inc-zagg.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.