RM Law announces that a class action lawsuit has been filed in United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of National Beverage Corp. (“National Beverage” or the “Company”) (NASDAQ: FIZZ) between July 16, 2015 and September 28, 2016, inclusive (the “Class Period”).
National Beverage shareholders may, no later than December 5, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of National Beverage and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/fizz.
National Beverage, through its subsidiaries, develops, produces, markets, and sells a portfolio of flavored beverage products primarily in North America. The Company offers beverages geared to the active and health-conscious consumers, including sparkling waters under the LaCroix, LaCroix Cúrate, LaCroix NiCola, and Shasta brand names; energy drinks and shots under the Rip It brand name; juice and juice-based products under the Everfresh, Everfresh Premier Varietals, and Mr. Pure brand names; and carbonated soft drinks in various flavors comprising regular, sugar-free, and reduced-calorie options under the Shasta and Faygo brands.
The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that National Beverage lacked efficient internal controls over financial reporting, partially due to an undisclosed expenses through off book entities and undisclosed material related parties transactions. Consequently, defendants’ statements regarding National Beverage’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 28, 2016, Glaucus Research Group published a report revealing: (1) that the Fizz’s former CEO and Chairman confessed to “manipulating FIZZ’s earnings . . . [and] directing his son to create fake invoices”; (2) that National Beverage refused “to allow a potential acquirer to perform adequate due diligence on the Company,” which led to the failure of the transaction, (3) and that National Beverage’s officers “are compensated by a privately held company” that disallows shareholder visibility; (4) that former counsel for the Company “testified that he and former FIZZ general counsel ‘fudged facts’ on behalf of FIZZ in a previous litigation”; (5) and that gifts of stock were not disclosed in the Company’s SEC filings. Following this news, National Beverage stock dropped $3.81 per share, or 8.19%, to close at $42.67 on September 28, 2016.
If you are a member of the class, you may, no later than December 5, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM Law or other counsel of your choice, to serve as your counsel in this action.