Monster Beverage Lawsuit, This lawsuit affects any person or entity that has purchased shares in the Monster Beverage Corp between the dates of February 23, 2012 and August 9, 2012. Charges levied by the plaintiff against the beverage corporation accuse some of the Monster top officials of violating Section 10(b) of the Securities Exchange Act of 1934. Additional charges allege the violation of Rule 10b-5.
The laws were allegedly broken by Monster Beverage Corp by some of the top officials issuing statements that were false or misleading. These were particular statements, issued between the above dates, regarding the corporation's compliance, operational and business practices.
The plaintiff's specific charges are that the executives of the Monster Beverage Corporation made false and misleading statements, and/or failed to disclose information regarding the advertisements of the Monster Energy drink brand. Because of these allegedly misleading advertisements, the financial statements and thus the share price of the Monster Beverage Corporation were inaccurate during those dates.
Between 2008 and 2011, the Monster Beverage Corporation reported a rise in annual revenue. Their reported revenue rose from $1.03 billion to $1.7 billion in that time period. Likewise, their reported Net Income rose from $108.03 million to $286.22 million dollars over that time period. In July 2012, the Monster corporation received a subpoena from an attorney general regarding an investigation of the company's advertising, marketing, ingredients, usage, promotion and sale of the Monster Energy drink brand. Information about this subpoena was disclosed on August 9, 2012. Concurrent with this announcement, the share price of the Monster Beverage Corp fell from $68 per share to $52.11 per share between the 7th and 13th of August 2012. On 21 August, 2012, NASDAQ trading closed at $60.68 per share.
This lawsuit has been filed and is awaiting trial. It is a Class Action Lawsuit filed on behalf of anyone who held shares of the Monster Beverage Corp between the dates listed above, when the alleged untrue information was published. The deadline to file for lead is October 22, 2012, in the U.S. District Court for the Central District of California.
The laws were allegedly broken by Monster Beverage Corp by some of the top officials issuing statements that were false or misleading. These were particular statements, issued between the above dates, regarding the corporation's compliance, operational and business practices.
The plaintiff's specific charges are that the executives of the Monster Beverage Corporation made false and misleading statements, and/or failed to disclose information regarding the advertisements of the Monster Energy drink brand. Because of these allegedly misleading advertisements, the financial statements and thus the share price of the Monster Beverage Corporation were inaccurate during those dates.
Between 2008 and 2011, the Monster Beverage Corporation reported a rise in annual revenue. Their reported revenue rose from $1.03 billion to $1.7 billion in that time period. Likewise, their reported Net Income rose from $108.03 million to $286.22 million dollars over that time period. In July 2012, the Monster corporation received a subpoena from an attorney general regarding an investigation of the company's advertising, marketing, ingredients, usage, promotion and sale of the Monster Energy drink brand. Information about this subpoena was disclosed on August 9, 2012. Concurrent with this announcement, the share price of the Monster Beverage Corp fell from $68 per share to $52.11 per share between the 7th and 13th of August 2012. On 21 August, 2012, NASDAQ trading closed at $60.68 per share.
This lawsuit has been filed and is awaiting trial. It is a Class Action Lawsuit filed on behalf of anyone who held shares of the Monster Beverage Corp between the dates listed above, when the alleged untrue information was published. The deadline to file for lead is October 22, 2012, in the U.S. District Court for the Central District of California.
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