SAN FRANCISCO (Legal Newsline) - A stockholder has filed a class action lawsuit against Zeltiq Aesthetics Inc. and its board of directors, citing alleged violation of federal securities law.
Michael Kreindler filed a complaint on behalf of all others similarly situated on March 13, in the U.S. District Court for the Northern District of California against the defendants, including Mark Foley, D. Keith Grossman, David Endicott, Mary Fisher, Kevin O'Boyle and Andrew Schiff, alleging that they issued false and misleading statements to the stockholders regarding the company.
According to the complaint, the plaintiff alleges that he sustained damages from being represented with false and incomplete information regarding a proposed merger. The plaintiff holds Zeltiq and its board of directors responsible because the defendants allegedly failed to disclose material information to the stockholders in order to consummate the proposed
The plaintiff requests a trial by jury and seeks to enjoin the proposed transaction. He also wants rescissory damages and other damages, all profits and special benefits, court costs and any further relief the court grants. He is represented by Rosemary Rivas and Donald Enright of Levi & Korsinsky LLP in Washington.
U.S. District Court for the Northern District of California Case number 5:17-cv-01353-EJD