The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Central District of California on behalf of investors who purchased National Beverage Corp. (NASDAQ: FIZZ) securities between July 16, 2015 and September 28, 2016.
According to the complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that it lacked effective internal controls over financial reporting.
On September 27, 2016, a report from Glaucus Research was issued alleging, 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. Following this report, shares fell more than 8% to close at $42.67 per share on September 28, 2016.
If you suffered a loss in National Beverage you have until December 5, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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