The Shareholders Foundation announces that an investor, who currently holds shares of Zeltiq Aesthetics Inc (NASDAQ:ZLTQ), filed a lawsuit in effort to halt the proposed takeover of Zeltiq Aesthetics.
Investors who purchased shares of Zeltiq Aesthetics Inc (NASDAQ:ZLTQ) and currently hold any of those NASDAQ:ZLTQ shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of breached their fiduciary duties owed to investors in connection with the proposed acquisition.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:ZLTQ stockholders by agreeing to sell Zeltiq Aesthetics Inc too cheaply via an unfair process to Allergan plc.
On February 13, 2017, Allergan plc (NYSE:AGN) and ZELTIQ Aesthetics, Inc. (NASDAQ:ZLTQ) announced that they have entered into an agreement under which Allergan has agreed to acquire ZELTIQ for $56.50 per share, or $2.475 billion, subject to customary adjustments.
However, plaintiff claims that the proposed consideration NASDAQ:ZLTQ shareholders will receive is grossly inadequate and undervalues ZELTIQ Aesthetics, Inc. Zeltiq Aesthetics Inc reported that its annual Total Revenue rose from $174.48 million in 2014 to $255.42 million in 2015 and that its Net Income grew from $1.53 million in 2014 to $41.80 million in 2015. Shares of Zeltiq Aesthetics Inc (NASDAQ:ZLTQ) grew from $19.26 per share in February 2016 to as high as $51.97 per share on February 10, 2017.
In addition, the plaintiff alleges that the process is also unfair NASDAQ:ZLTQ stockholders.
On April 6, 2017, NASDAQ:ZLTQ shares closed at $56.44 per share.
Those who are current investors in NASDAQ:ZLTQ shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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