SAN DIEGO, Oct. 18, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in California on behalf of certain purchasers of shares of National Beverage Corp. (NASDAQ:FIZZ) over alleged Securities Laws Violations by National Beverage. The lawsuit seeks to recover damages for certain (NASDAQ:FIZZ) investors.
Investors who purchased shares of National Beverage Corp. (NASDAQ:FIZZ) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that 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.
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. declined to as low as $39.14 per share on September 28, 2016.
Those who purchased National Beverage Corp. (NASDAQ:FIZZ) shares should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.