According to the law firm press release, Zagg designs, manufactures and distributes branded protective coverings, audio accessories and power solutions for consumer electronic and hand-held devices.

The Complaint alleges that throughout the Class Period, Zagg made materially false and misleading statements regarding the Company's business, operations and compliance policies. Specifically, the Company made false and/or misleading statements and/or failed to disclose that: (i) the Company's founder and Chief Executive Officer ("CEO") had placed more than 50% of his Zagg ownership as collateral on margin, jeopardizing his future with the Company; (ii) as a result of the CEO's reckless actions, the Company began a secret succession plan to replace him; and (iii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On March 7, 2013, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. On May 6, Lead Plaintiffs filed a consolidated Complaint. On July 5, Defendants filed Motions to Dismiss the consolidated Complaint.

On February 7, 2014, the Court granted Defendants' Motions to Dismiss. Lead Plaintiffs filed a Notice of Appeal on February 25. The Court of Appeals affirmed the District Court's decision on September 10, 2015.