| Company: | Bravo! Brands, Inc. |
| Ticker Symbol: | Pink Sheets: BRVO |
| Class Period: | November 20, 2005 to May 15, 2007 |
| Date Filed: | Oct-17-07 |
| Lead Plaintiff Deadline: | Dec-17-07 |
| Court: | District, NY |
| Allegations: |
A class action lawsuit has been filed on October 16, 2007 on behalf of purchasers of the securities of Bravo! Brands, Inc. ("Bravo") (Pink Sheets:BRVO) between November 20, 2005 and May 15, 2007 (the "Class Period").
The complaint alleges that Bravo CEO Roy G. Warren and Chief Accounting Officer Tommy E. Kee violated the Securities Exchange Act of 1934. During the Class Period, Bravo concealed that its sole distributor, Coca Cola Enterprises, Inc. ("CCE"), had drastically cut its demand for Bravo's milk drinks. (Bravo sold its products under the brand names Slammers and Bravo.) Bravo also failed to timely disclose that it had defaulted on interest payments to senior note holders.
Bravo falsely told investors on April 3, 2007 that it had expanded its drink products by introducing the first milk-based sports drink. Only one month later, Bravo announced that it would substantially reduce its workforce, that it would not roll out brands into new channels of distribution, and that its sales with CCE had declined substantially in April and May 2007. On May 15, 2007, the last day of the Class Period, Bravo announced that it had recognized a $17.6 million non-cash impairment charge during the quarter ended March 31, 2007. On September 21, 2007, Bravo filed for bankruptcy.
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.
The complaint alleges that Bravo CEO Roy G. Warren and Chief Accounting Officer Tommy E. Kee violated the Securities Exchange Act of 1934. During the Class Period, Bravo concealed that its sole distributor, Coca Cola Enterprises, Inc. ("CCE"), had drastically cut its demand for Bravo's milk drinks. (Bravo sold its products under the brand names Slammers and Bravo.) Bravo also failed to timely disclose that it had defaulted on interest payments to senior note holders.
Bravo falsely told investors on April 3, 2007 that it had expanded its drink products by introducing the first milk-based sports drink. Only one month later, Bravo announced that it would substantially reduce its workforce, that it would not roll out brands into new channels of distribution, and that its sales with CCE had declined substantially in April and May 2007. On May 15, 2007, the last day of the Class Period, Bravo announced that it had recognized a $17.6 million non-cash impairment charge during the quarter ended March 31, 2007. On September 21, 2007, Bravo filed for bankruptcy.
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.
