"Investors who purchased ZELTIQ Shares pursuant to and/or traceable to the Company's IPO should contact Gilman Law LLP toll-free at (888) 252-0048"
Boston, Mass (PRWEB) March 21, 2012
National securities law firm Gilman Law LLP announces that a ZELTIQ Aesthetics class action securities fraud lawsuit has been commenced against ZELTIQ Aesthetics, Inc. (“ZELTIQ”) and certain of its officers and directors in Superior Court of the State of California for the County of Alameda. The ZELTIQ Aesthetics securities fraud lawsuit alleges that ZELTIQ violated Federal securities laws by issuing false and misleading information or omissions in the Company’s Registration Statement and Prospectus, issued in connection with the Offering that was completed on October 24, 2011. (Case No. RG12621290)
ZELTIQ shareholders who purchased or otherwise acquired shares of ZELTIQ pursuant to and/or traceable to the Company’s initial public offer (the “IPO” or “Offering”) in October 2011 should contact Gilman Law LLP to discuss their rights as to recovery of losses or for additional information. For a free evaluation of a case, please visit the http://gilmanlawsecuritiesstocksbondsfraud.com/securities-under-investigation/zeltiq-aesthetics-securities-fraud-lawsuit-nasdaq-zltq/ [ZELTIQ Aesthetics Securities Fraud Lawsuit Article on Gilman Law Securities Website __title__ ZELTIQ Aesthetics Securities Fraud Lawsuit]or CALL TOLL FREE (888) 252-0048.
Based in Pleasanton, California, ZELTIQ is a medical technology company that engages in developing and commercializing non-invasive products for the selective reduction of fat. ZELTIQ went public in October 2011, which raised $89.3 million, at $13.00 per share. The complaint alleges that ZELTIQ’s Registration Statement failed to disclose, among other things, that the Company was going to initiate a transition to a direct sales force in certain key international markets in the 2011 fiscal fourth quarter, which would negatively impact the Company’s near term financial performance. The suit further alleges that the Company’s business during the fiscal fourth quarter was subject to seasonal trends that negatively impacted its financial performance.
Once ZELTIQ issued a press release on March 6, 2012 announcing fourth quarter 2011 sales and profits well below analyst estimates, shares of ZELTIQ declined $3.75 per share, or 33.75%, to close at $7.36 per share, on unusually heavy trading volume. The closing price represented a cumulative loss of $5.64, or 43.38%, of the value of Company’s shares at the IPO price of $13.00 per share.
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The securities lawyers of Gilman Law have more than 32 years of experience in securities law and have been involved in all major aspects of securities litigation. Gilman Law specializes in cases involving stock manipulation, securities fraud, investments fraud, shareholder rights violations, and securities arbitration.
Gilman Law LLP
Kenneth G. Gilman
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