National Beverage investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, National Beverage, through its subsidiaries, develops, produces, markets, and sells a portfolio of flavored beverage products primarily in North America.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the company lacked effective internal controls over financial reporting due, in part, to undisclosed channeling of expenses through off the books entities; (2) the company lacked effective internal controls over financial reporting due, in part, to undisclosed material related parties transactions; and (3) as a result, the defendants’ statements about the company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The Class Period commences on July 16, 2015, when the company filed a Form 10-K for the fiscal year ended May 2, 2015 with the SEC, which provided the company’s year-end financial results and position and stated that the company’s internal control over financial reporting and disclosure controls and procedures were effective as of May 2, 2015.
According to the complaint, on September 28, 2016, Glaucus Research Group published a report on the company (the “Glaucus Report”) asserting, among other things, that based upon a 2014 lawsuit brought by a former marketing director of the company’s wholly owned subsidiary, Faygo Beverages Inc., “[the company’s] expenses are run through off the books entities.” The Glaucus Report further states that a 2015 lawsuit alleges that a company employee was physically present at, operated, directed and managed an independent distributor, Maverick Distributing Company, LLC, not listed as a subsidiary or related party in any of the company’s filings, which “suggest[s] that FIZZ runs sales through undisclosed related parties.”
Following this news, shares of the company fell $3.81 per share or over 8% from its previous closing price to close at $42.67 per share on September 28, 2016.
If you are a member of the class described above, you may no later than December 5, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
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