ZELTIQ Aesthetics, Inc. (Nasdaq: ZLTQ), a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform, announced that criminal judgments and monetary fines have been ordered by Seoul Central District Court in South Korea against two individuals for false and exaggerated advertising of a cooling device that has not been approved for fat reduction. ZELTIQ is the only company that has received approval from the Korea Food and Drug Administration (KFDA) to market and sell a device that achieves fat reduction through controlled cooling.
Criminal proceedings in South Korea were instituted against two individuals who were using Internet pages and blogs to falsely advertise that other cooling devices had the same fat reducing effect as ZELTIQ’s approved device. After a police investigation into these advertising activities, criminal proceedings were initiated. Seoul Central District Court has now imposed monetary fines and finalized criminal judgments on the counts of false and exaggerated advertising. The Korean police are also currently investigating additional advertising activities and acts of trademark infringement.
Steve Atkinson, SVP of International at ZELTIQ, commented, "ZELTIQ has invested substantial efforts to develop safe and effective devices that are approved for fat reduction and has secured regulatory approvals for those devices. ZELTIQ will vigilantly pursue persons or companies that are attempting to confuse or mislead consumers or physician-providers by inferring that any cold platform technology can do what the CoolSculpting System uniquely has proven we can safely do: reduce exercise-resistant fat non-surgically. We will not stand idly by while poseurs try to muddy our clear advantages.”
Atkinson added, “We firmly believe that the recent criminal judgments in South Korea will deter others from marketing and selling products that do not use proven technology or have the same regulatory approvals as ZELTIQ.”For more information on ZELTIQ, visit www.coolsculpting.com. About ZELTIQ® Aesthetics, Inc. ZELTIQ Aesthetics is a medical technology company focused on developing and commercializing products utilizing its proprietary controlled-cooling technology platform. The Company's first commercial product, the CoolSculpting® System, is designed to selectively reduce stubborn fat bulges that may not respond to diet or exercise. CoolSculpting is based on the scientific principle that fat cells are more sensitive to cold than the overlying skin and surrounding tissues. CoolSculpting utilizes patented technology of precisely controlled cooling to reduce the temperature of fat cells in the treated area, which is intended to cause fat cell elimination through a natural biological process known as apoptosis, without causing scar tissue or damage to the skin, nerves, or surrounding tissues. ZELTIQ developed CoolSculpting to safely, noticeably, and measurably reduce the fat layer within a treated fat bulge without requiring the patient to diet or exercise.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV