Citron Delivers Zagg (ZAGG) a Lemon with Recent Report

Zagg, Inc. (Nasdaq: ZAGG) shares dropped midday Thursday following a bearish note from the infamous Citron Research.

Some highlights from the report:

• Citrion wasn't sure whether Zagg CEO meant to complete fully or put to death when he mentioned the execution of its business plan. Citron said every industry Zagg tries to enter ends up in a 'colossal' failure.
  
  
• The head of it's Audit Committee 'hoodwinked' them for $4 million in the Zagg Box venture.
  
  
• SG&A, inventories, and cash balances are all headed in the wrong direction.
  
  
• Why hasn't an 8-K been filed for the $100 million proposed acquisition of iFrogz?
  
  
• There's a lack of transparency in it's deal with Best Buy (NYSE: BBY) about inventories and its return policy. Zagg claims is doesn't take returns, while Citron politely disagrees.
  
  
• What is the connection between Northland, who upgraded and reiterated the upgrades four times in the last week, with Zagg?

Click here to see the Citron report.

Zagg shares are over 4 percent lower on the session, coming off of lows of the day.

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