Cases
National Beverage Corporation (NASDAQ : FIZZ)
Securities Class Action
Overview
Overview
- Date:
- 10/7/2016
- Company Name:
- National Beverage Corporation
- Stock Symbol:
- FIZZ
- Class Period:
- FROM 7/16/2015 TO 9/28/2016
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Central California
NEW YORK, October 7, 2016 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the United States District Court for the California Central District Court on behalf of all persons or entities who acquired National Beverage Corporation (NASDAQ: FIZZ) securities between July 16, 2015 to September 28, 2016 (the “Class Period”).
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) National Beverage lacked effective internal controls over financial reporting due to undisclosed channeling of expenses through off the books entities and undisclosed material related parties transactions; and (2) as a result, National Beverage’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, the lawsuit alleges that on September 28, 2016, Glaucus Research Group published a report on National Beverage stating that based on a 2014 lawsuit brought by a former marketing director of the Company’s wholly owned subsidiary, Faygo Beverages, National Beverage’s “expenses are run through off the books entities.” In addition, the report states that a 2015 lawsuit alleges that a Company employee was physically present at, operated, directed and managed an independent distributor, Maverick Distributing Company, which is 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.”
On this news, National Beverage’s share price fell from $46.48 per share on September 27, 2016 to a closing price of $42.67 on September 28, 2016—a $3.81 or a 8.20% drop.
If you acquired National Beverage securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) National Beverage lacked effective internal controls over financial reporting due to undisclosed channeling of expenses through off the books entities and undisclosed material related parties transactions; and (2) as a result, National Beverage’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
Specifically, the lawsuit alleges that on September 28, 2016, Glaucus Research Group published a report on National Beverage stating that based on a 2014 lawsuit brought by a former marketing director of the Company’s wholly owned subsidiary, Faygo Beverages, National Beverage’s “expenses are run through off the books entities.” In addition, the report states that a 2015 lawsuit alleges that a Company employee was physically present at, operated, directed and managed an independent distributor, Maverick Distributing Company, which is 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.”
On this news, National Beverage’s share price fell from $46.48 per share on September 27, 2016 to a closing price of $42.67 on September 28, 2016—a $3.81 or a 8.20% drop.
If you acquired National Beverage securities during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact Melissa A. Fortunato, Esq. by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.