A lawsuit was filed for investors in shares of Zeltiq Aesthetics Inc (NASDAQ:ZLTQ) in connection with the proposed takeover and NASDAQ:ZLTQ stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/28/2017 -- An investor, who currently holds NASDAQ:ZLTQ shares, filed a lawsuit against the acquisition of Zeltiq Aesthetics Inc by Allergan plc.
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 858-779-1554.
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 March 27, 2017, NASDAQ:ZLTQ shares closed at $55.78 per share.
Those who are current investors in Zeltiq Aesthetics Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego