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.
Given these facts, WeissLaw is investigating whether ZLTQ's Board acted in the best interests of ZLTQ's public shareholders to maximize shareholder value prior to entering into the agreement. If you own ZLTQ shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at email@example.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/zeltiq-aesthetics-inc.
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SOURCE WeissLaw LLP