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National Beverage Corp. (NASDAQ:FIZZ) Investor Securities Class Action Lawsuit 10/06/2016

  • If you purchased shares of National Beverage Corp. (NASDAQ:FIZZ), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
National Beverage Corp
Security
NASDAQ: FIZZ

Case Name
National Beverage Shareholder Class Action Lawsuit 10/06/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

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Summary

October 3, 2016 (Shareholders Foundation) - An investor in shares of National Beverage Corp. (NASDAQ:FIZZ) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by National Beverage Corp. in connection with certain allegedly false and misleading statements made between July 16, 2015 and September 28, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of National Beverage Corp. (NASDAQ:FIZZ) common shares between July 16, 2015 and September 28, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 16, 2015 and September 28, 2016 the defendants made false and/or misleading statements and/or failed to disclose that National Beverage Corp lacked effective internal controls over financial reporting due, in part, to undisclosed channeling of expenses through off book entities and undisclosed material related parties transactions, and that as a result, defendants’ statements about National Beverage Corp’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

National Beverage Corp. reported that its Total Revenue rose from $645.83 million for the 52 weeks period that ended on May 2, 2015 to $704.78 million for the 52 weeks period that ended on April 30, 2016 and that its Net Income for those respective time periods increased from $49.31 million to $61.20 million. Shares of National Beverage Corp. (NASDAQ:FIZZ) grew from $20.48 per share in May 2015 to as high as $62.81 per share in June 2016.

On September 27, 2016 a report was published that alleges, among other allegations, that: the Company’s former CEO and Chairman admitted to “manipulating FIZZ’s earnings…[and] directing his son to create fake invoices”; the Company refused to allow a potential acquirer to perform adequate due diligence on the Company, thus leading to the failure of the transaction; and that the Company’s officers are “compensated by a privately held company” that disallows shareholder visibility. Shares of National Beverage Corp. (NASDAQ:FIZZ) declined to as low as $39.14 per share on September 28, 2016.

On October 6, 2016, NASDAQ:FIZZ shares closed at $45.10 per share.