SOURCE: Holzer Holzer & Fistel, LLC
ATLANTA, GA--(Marketwire - Oct 23, 2012) - A class action lawsuit has been filed on behalf of investors who purchased common stock of Zagg Inc. ("Zagg" or the "Company") (NASDAQ: ZAGG) between February 28, 2012 and August 17, 2012. The lawsuit, which was filed in the United States District Court for the District of Utah, alleges Zagg violated the federal securities laws by failing to adequately disclose that its founder and Chief Executive Officer, Robert G. Pedersen, used more than half his ZAGG shares as collateral for margin loans and the Company had secretly developed a succession plan as a result. On August 17, 2012, Zagg announced Pederson's resignation from the Company and revealed that he sold a substantial number of shares three days prior as a result of margin calls. Zagg's stock price declined significantly on the news.
If you purchased Zagg common stock between February 28, 2012 and August 17, 2012, and suffered a net loss on those purchases you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than November 5, 2012. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Investors who are interested in serving as lead plaintiff or who have questions concerning their legal rights may contact Michael I. Fistel, Jr., Esq. (email@example.com) or Marshall P. Dees, Esq. (firstname.lastname@example.org) by email or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.