NEW YORK, Oct. 7, 2016 /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 National Beverage securities from July 16, 2015 through September 28, 2016, both dates inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that National Beverage lacked efficient internal controls over financial reporting, partially due to an undisclosed expenses through off book entities and undisclosed material related parties transactions. Consequently, defendants' statements regarding National Beverage's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On September 28, 2016, Glaucus Research Group published a report revealing: (1) that the Fizz's former CEO and Chairman confessed to "manipulating FIZZ's earnings . . . [and] directing his son to create fake invoices"; (2) that National Beverage refused "to allow a potential acquirer to perform adequate due diligence on the Company," which led to the failure of the transaction, (3) and that National Beverage's officers "are compensated by a privately held company" that disallows shareholder visibility; (4) that former counsel for the Company "testified that he and former FIZZ general counsel 'fudged facts' on behalf of FIZZ in a previous litigation"; (5) and that gifts of stock were not disclosed in the Company's SEC filings. Following this news, National Beverage stock dropped $3.81 per share, or 8.19%, to close at $42.67 on September 28, 2016.
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: http://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 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. 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.
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.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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