NEW YORK, July 18, 2018 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against National Beverage Corp. ("National Beverage" or the "Company") (NASDAQ: FIZZ) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired National Beverage securities between July 17, 2014, and July 3, 2018, (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/fizz.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
On May 4, 2017, National Beverage issued a press release stating that it "employs methods that no other company does in this area—VPO (velocity per outlet) and VPC (velocity per capita)." National Beverage asserted that it "utilize[s] two proprietary techniques to magnify these measures and this creates growth never before thought possible." On May 5, 2017, National Beverage issued a second press release, stating that "[o]ur impressive VPO calculator . . . is flashing solid green numbers as we bring FY2017 to a close."
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) National Beverage's sales claims and the supposed underlying "proprietary techniques" lacked a verifiable basis; (2) National Beverage's Chairman and Chief Executive Officer ("CEO"), Defendant Nick A. Caporella ("Caporella"), engaged in a pattern of sexual misconduct between 2014 and 2016; and (3) as a result, National Beverage's public statements were materially false and misleading at all relevant times.
On December 8, 2017, National Beverage issued a press release announcing its financial and operating results for the period ended October 28, 2017. Notwithstanding the Company's representations in its May 2017 press releases with respect to "creat[ing] growth never before thought possible," analyst Laurent Grandet of Credit Suisse assigned an "underperform" rating to the Company's stock. Grandet noted that National Beverage's business was driven "almost entirely" by the success of its LaCroix sparkling water brand, the growth trajectory of which was in fact slowing. That same day, Maxim analyst Anthony Vendetti reiterated a "sell" recommendation for National Beverage stock, noting that its "numerous weak brands and opaque financial reporting" made its sale "highly unlikely." Following this news, National Beverage's share price fell $11.91, or 10.56%, to close at $100.84 on December 8, 2017.
On June 26, 2018, the Wall Street Journal published an article entitled "The SEC Has Had Its Own Questions About LaCroix", reporting that National Beverage had "declined to provide" the SEC "with requested sales figures to clarify [National Beverage's] sales claims", following a letter request from the SEC in January 2018. Following this news, National Beverage's share price fell $9.75, or 8.87%, to close at $100.19 on June 27, 2018.
Then, on July 3, 2018, the Wall Street Journal published an article entitled "Billionaire Behind LaCroix Accused of Improper Touching by Two Pilots." The article reported, in part, that "[t]wo pilots have filed lawsuits alleging sexual harassment . . . claiming 82-year-old Nick A. Caporella inappropriately touched them on multiple trips while they were flying with him in the cockpit of his business jet" and that "[t]he suits claim the unwanted touching occurred on more than 30 trips from 2014 to 2016." Following this news, National Beverage's share price fell $2.90, or 2.64%, over the following two trading days, closing at $107.04 on July 6, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/fizz or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in National Beverage you have until September 17, 2018 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.