July 25, 2018 — Safirstein Metcalf LLP announces that a class action lawsuit has been filed against National Beverage Corp. (“National Beverage” or the “Company”) (NASDAQ:FIZZ). The class action, filed in United States District Court, Southern District of Florida, is on behalf of a class consisting of all persons who purchased or otherwise acquired National Beverage securities between July 17, 2014 and July 3, 2018, both dates inclusive (the “Class Period”).
If you purchased or acquired National Beverage securities during the Class Period and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com.
If you wish to serve as lead plaintiff, you must move the Court no later than September 17, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) National Beverage’s sales claims and the supposed underlying “proprietary techniques” lacked a verifiable basis; (ii) 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 (iii) as a result, National Beverage’s public statements were materially false and misleading at all relevant times.
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 [by]… Nick A. Caporella .” The 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.