NEW YORK, Feb. 14, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of ZELTIQ Aesthetics, Inc. ("ZLTQ" or the "Company") in connection with the proposed acquisition of the Company by Allergan Plc. ("Allergan"). Under the terms of the agreement, the Company's shareholders will receive $56.50 for each ZLTQ share they own.
WeissLaw is investigating whether ZLTQ's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $58.00 per share, or $1.50 above the offer price. Additionally, ZLTQ announced double digit percentage growth in the third quarter of 2016, reporting revenue increased 55% year-over-year to $95.2 million. Moreover, on January 26, 2017, the Company announced the FDA cleared CoolSculpting, ZLTQ's proprietary controlled-cooling technology for the non-invasive treatment of fat in the upper arms, the only product of its kind on the market. Allergan anticipates gaining significant benefits and cross-selling opportunities from ZLTQ's CoolSculpting system. Finally, Allergan expects the acquisition to enhance its global medical aesthetics portfolio and to be immediately accretive.