|Company:||Hansen Natural Corporation|
|Class Period:||May-23-07 to Nov-8-07|
|Lead Plaintiff Deadline:||Nov-11-08|
|Court:||Central District of California|
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.
Plaintiff seeks to recover damages on behalf of all purchasers of Hansen Natural common stock during the Class Period. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.