Key Developments: ZAGG Inc (ZAGG.OQ)
4.74USD
1 Aug 2013
$0.21 (+4.64%)
$4.53
$4.53
$4.77
$4.53
180,961
194,003
$11.13
$4.43
Latest Key Developments (Source: Significant Developments)
Zagg Inc Lowers FY 2013 Guidance
Zagg Inc revised fiscal 2013 guidance and expects net sales of $245 million - $252 million and adjusted EBITDA of $41.0 million - $42.2 million. Full Article
Zagg Inc Issues Q2 2013 Revenue Guidance
Zagg Inc announced that for the second quarter of 2013, it expects revenues of approximately $51 million. Full Article
Zagg Inc Lowers FY 2013 Guidance
Zagg Inc revised fiscal 2013 guidance and expects net sales of $274 million - $280 million from the previous range of $313 million - $318 million and for adjusted EBITDA of $55 million - $57 million from the previous range of $69 million - $71 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $316 million and EBITDA of $69.5 million for fiscal 2013. Full Article
The Shuman Law Firm Investigates ZAGG Inc.
The Shuman Law Firm announced that it is investigating potential claims against certain officers and directors of ZAGG Inc. The firm’s investigation relates to allegations that Richard Pedersen, Zagg’s founder and former CEO, used ZAGG stock as collateral on personal loans and sold to satisfy margin calls. A class action lawsuit filed against the Company alleges that senior ZAGG officers and/or directors became aware of Pedersen’s pledging of ZAGG stock as collateral to meet margin calls as early as December 2011 but instead of disclosing that information, initiated a succession plan to replace Pedersen as CEO while concealing the true reason behind Pedersen’s departure. On August 17, 2012, ZAGG announced that Pedersen had resigned for unspecified reasons. However, beginning on August 20, 2012, the truth emerged that Pedersen’s departure was “entirely related to the margin calls situation that started last December and unfortunately surfaced again two weeks ago.” ZAGG then disclosed that Pedersen had sold 345,000 shares of ZAGG stock on December 21, 2011 and an additional 515,000 shares on August 14, 2012 to satisfy margin calls. Full Article
Zagg Inc Issues FY 2013 EPS Guidance; Revenue Guidance Above Analysts' Estimates
Zagg Inc announced that for fiscal 2013, it expects net sales of $313.0 million - $318.0 million and adjusted EBITDA of $69.0 million - $71.0 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $308.0 million and EBITDA of $69.7 million for fiscal 2013. Full Article
Zagg Inc Announces Share Repurchase Program
Zagg Inc announced that board of directors has authorized a share repurchase program under which the Company may repurchase up to $10 million of its outstanding common stock from time to time on the open market. The share repurchases will be made from time to time over the next 12 months at the Company`s discretion. The repurchase program may be suspended or discontinued at any time. The Company`s board of directors also authorized the Company to utilize a Rule 10b5-1 plan to facilitate the purchases on behalf of the Company. Repurchased shares will be available for use in connection with ZAGG's stock plans and for other corporate purposes. The repurchase program will be funded using ZAGG's working capital. Full Article
Zagg Inc Names Randall Hales As New Chief Executive Officer
Zagg Inc announced that Randall Hales has been named Chief Executive Officer of the company. Mr. Hales has served as ZAGG’s interim CEO and president since August 17, 2012, following the resignation of Robert G. Pedersen II. Mr. Hales served as ZAGG’s COO and president since December 12, 2011, and was appointed to the Board of Directors on October 20, 2010. Mr. Hales will retain the title of president and will continue to serve as a director of the Company. The ZAGG board unanimously backed Mr. Hales’ appointment as CEO following an extensive, nationwide search conducted by leadership advisory firm Heidrick & Struggles. Full Article
Zagg Inc Raises FY 2012 Guidance
Zagg Inc raised fiscal 2012 guidance and expects revenue in the range of $259.0-$262.0 million, from the previous forecast of $256 million, and Adjusted EBITDA in the range of $59.0-$62.0 million, from the previous range of $56-$61 million. This compares to reported revenue for 2011 of $179.1 million and Adjusted EBITDA of $45.3 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $259 million for fiscal 2012. Full Article
Levi & Korsinsky, LLP Announces Investigation of Class Action Against Zagg Inc
Levi & Korsinsky, LLP announced that a class action lawsuit has been commenced in the USDC of Utah on behalf of investors who acquired ZAGG, Inc. securities between February 28, 2012 and August 17, 2012. The complaint alleges that ZAGG made misleading statements and/or failed to disclose that: the Company's founder and CEO, Robert G. Pedersen, had placed more than 50% of his ZAGG ownership as collateral on margin, jeopardizing his future with the Company; as a result, the Company began a secret succession plan to replace him; and as a result of the aforementioned, the Company's financial statements were materially false and misleading at all relevant times. On December 21, 2011, Pedersen sold nearly $2.6 million worth of ZAGG stock. Then on August 17, 2012, it was announced that Pedersen had resigned. It was further disclosed that Pedersen sold 515,000 shares of ZAGG stock only three days prior, and that a substantial number of these shares were sold to meet margin calls. Full Article
Levi & Korsinsky Notifies Investors With Losses On Their Investment In Zagg Inc Of Class Action Lawsuit And Deadline Of November 5, 2012 To Seek Lead Plaintiff Position
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court, District of Utah on behalf of investors who acquired ZAGG, Inc. ("ZAGG" or the "Company") securities between February 28, 2012 and August 17, 2012. The complaint alleges that ZAGG made false and/or misleading statements and/or failed to disclose that: the Company's founder and Chief Executive Officer, Robert G. Pedersen, had placed more than 50% of his ZAGG ownership as collateral on margin, jeopardizing his future with the Company; as a result of Pedersen's actions, the Company began a secret succession plan to replace him; and as a result of the aforementioned, the Company's financial statements were materially false and misleading at all relevant times. Full Article
Zagg slashes full-year sales forecast again; shares slide
- Zagg Inc , which makes scratch guards for mobile and tablet devices, slashed its full-year sales forecast again, citing lack of major mobile device launches.

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