INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have Losses In Excess Of $100,000 From Investment In National Bevera...
October 18 2016 - 4:19PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Central
District of California on behalf of purchasers of National Beverage
Corp. (Nasdaq: FIZZ) (“National Beverage” or the “Company”)
securities during the period between July 16, 2015 and September
28, 2016, inclusive (the “Class Period”). Investors who wish to
become proactively involved in the litigation have until December
5, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in National Beverage securities during the Class Period.
Members of the Class will be represented by the lead plaintiff and
counsel chosen by the lead plaintiff. No class has yet been
certified in the above action.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that National Beverage
lacked effective internal controls
over financial reporting due to undisclosed channeling of
expenses through off the books entities and undisclosed material
related parties transactions.
According to the complaint, following a September 28, 2016
report revealing that National Beverage’s former Chief Financial
Officer and Chairman admitted to manipulating the Company’s
earnings and directing his son to make fake invoices, that the
Company refused to allow a potential acquirer to perform adequate
due diligence which led to the failure of a significant
transaction, that National Beverage officers are compensated by a
privately held company which disallows shareholder visibility, that
the Company’s former counsel testified that he and former
general counsel “fudged facts” on the Company’s behalf in
a previous litigation, and that gifts of stock were not disclosed
in the Company’s U.S. Securities and Exchange Commission filings,
the value of National Beverage shares declined significantly.
If you have suffered a loss in excess of $100,000 from
investment in National Beverage securities purchased on or after
July 16, 2015 and held through the revelation of negative
information during and/or at the end of the Class Period and would
like to learn more about this lawsuit and your ability to
participate as a lead plaintiff, without cost or obligation to you,
please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You may
also request more information by contacting Brower Piven either by
email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Brower Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20161018006698/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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