NEW YORK, March 27, 2012 /PRNewswire/ -- Harwood Feffer LLP ( www.hfesq.com) is investigating potential claims against the board of directors of ZELTIQ Aesthetics, Inc. ("ZELTIQ" or the "Company") (NASDAQ: ZLTQ), concerning whether the board has breached its fiduciary duties to shareholders.
ZELTIQ went public in October 2011 when the Company raised $89.3 million in its Initial Public Offering ("IPO"). According to its prospectus, ZELTIQ and certain insiders offered approximately 7 million shares of common stock for $13.00 per share. Presently, ZELTIQ common stock is trading at less than $6.00 per share.On March 6, 2012, ZELTIQ announced fourth quarter 2011 sales and profits substantially below analysts' estimates, reporting a loss of $0.22 per share. The Company also estimated 2012 sales of approximately $90 million to $94 million, significantly below analysts' estimates of $114 million. On this news, the price of ZELTIQ's common stock fell approximately 47%, from a close of $11.11 per share on March 5, 2012 to close at $5.56 per share on March 8, 2012. Our investigation concerns whether the ZELTIQ board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. If you own ZELTIQ shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: Robert I. Harwood, Esq. Benjamin Sachs-MichaelsHarwood Feffer LLP488 Madison Avenue New York, New York 10022Phone Numbers: (877) 935-7400(212) 935-7400Email: email@example.com Website: http://www.hfesq.com Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ( http://www.hfesq.com) for more information about the firm. Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP ( www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. SOURCE Harwood Feffer LLP