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, operational 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 granted the motion consolidating the cases and appointing lead plaintiff and lead counsel.
On May 6, 2013,the lead plaintiffs filed a Consolidated Class Action Complaint for Violations of The Federal Securities Laws.
On February 7, 2014, this case was dismissed with prejudice by the Court.