National Beverage Corp. (Nasdaq: FIZZ)
A class action has been filed in the United States District Court for the Central District of California on behalf of purchasers of National Beverage Corp. (Nasdaq: FIZZ) common stock between July 16, 2015 and September 28, 2016 (the “Class Period”).
The complaint alleges that National Beverage and certain of its officers violated the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and financial reporting, including that the Company lacked effective internal controls of over financial reporting, which resulted in National Beverage channeling expenses through off-book entities and sales through undisclosed material related parties. As a result of defendants’ false statements or omissions during the Class Period, National Beverage shares traded at artificially inflated prices, with its stock price reaching over $60 per share.
On September 28, 2016, Glaucus Research Group published a report on National Beverage that asserted, among other things, that according to a lawsuit filed in 2014 by a former marketing director of the Company’s subsidiary Faygo Beverages, the Company’s “expenses [were] run through off book entities.” The report also stated that a 2015 lawsuit alleged that a Company employee was physically present at and operated, directed and managed an independent distributor that was not listed as a subsidiary or related party in any of the Company’s filings, which suggests that National Beverage “runs sales through undisclosed related parties.” On this news, the price of National Beverage shares fell $3.81 per share, or more than 8%, to close at $42.67 per share on September 28, 2016.
If you are a current shareholder and purchased stock between July 16, 2015 and September 28, 2016, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
Please Note: Neither the submission to nor the receipt of information by The Law Offices of Marc S. Henzel or one of its attorneys through this website constitutes an agreement by the firm to represent the individual and does not create an attorney-client relationship.