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Case ID: 5179 | Stocks | 09/22/2008
According to a law firm press release, the complaint charges Hansen Natural and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Hansen Natural, through its subsidiaries, engages in the development, marketing, sale, and distribution of beverages in the United States and Canada.
According to the complaint, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (a) that Hansen Natural's second quarter sales results were materially impacted by inventory loading as customers were induced to purchase more product before the Company raised its prices in its Monster Energy drink line and its Java Monster drink line; (b) that the Company was experiencing declining sales in its non-core drink lines; (c) that the Company was experiencing production shortfalls with its Java Monster drink line; and (d) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects. On November 8, 2007, the Company issued a press release announcing its financial results for the third quarter of 2007, the period ended September 30, 2007. For the quarter, the Company reported lower than expected revenue growth and decreasing profit margins. Following this earnings announcement, shares of the Company's common stock fell $13.17 per share, or 23%, to close at $43.50 per share, on heavy trading volume.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest The parties have reached a $100 million administrative settlement in several actions filed against Janus Capital Group, Inc. (NYSE:JNS) and certain of its officers and directors on behalf of shareholders. The agreement between Attorneys General of New York and Colorado, and the Colorado Division of Securities relates to the company’s previously disclosed market timing admissions. Persons eligible to take part in the settlement should contact the prosecuting attorneys. A lawsuit has been filed in the United States District Court for the Eastern District of Michigan, on behalf of persons who purchased or otherwise acquired publicly traded securities of Visteon Corp. ("Visteon" or the "Company") (NYS: VC.N) between January 23, 2004 and January 31, 2005, inclusive, (the "Class Period"). The lawsuit was filed against Visteon, Peter Pestillo, Michael Johnston, Glenda J. Minor, Daniel R. Coulson and James Palmer ("Defendants"). Several class actions have been filed against liability insurer American Physicians Capital, Inc. (Nasdaq:ACAP) and certain of its officers and directors by stockholders who purchased the company's common stock between February 13, 2003, and November 6, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A Motion to Dismiss for Failure to State a Claim was filed on May 13, 2008, by SunTrust Banks.
It was supposed to be the deal of a lifetime -- put down less than $30,000 in cash and get a tax receipt for $100,000. Today, the young Oakville couple who bought that dream are the lead names in a Hamilton law firm's planned nationwide class action suit looking for more than $50 million in damages. A class action has been filed against Delphi Corporation (NYSE:DPH), certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2001 and March 03, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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