SAN FRANCISCO, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in National Beverage Corp. (NASDAQ:FIZZ) of the December 5, 2016 Lead Plaintiff deadline in the securities fraud lawsuit filed in the U.S. District Court for the Central District of California.
If you purchased or otherwise acquired securities of FIZZ between July 16, 2015 and September 28, 2016 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing FIZZ@hbsslaw.com.
On September 28, 2016, the price of FIZZ shares fell by over 8% on unusually heavy volume in response to a Glaucus Research Group report detailing its conclusion that FIZZ manipulated its earnings for years.
According to the Glaucus report, a former attorney and trusted advisor of FIZZ CEO Nick Caporella testified under oath that Caporella “admitted…that he manipulated earnings using a ‘little jewel box’ and by creating fake invoices.” There were many other disturbing items Glaucus included within its report. If true, they implicate potential accounting fraud and securities law violations.
“We’re evaluating the cited documents in the context of FIZZ’s historical financial results that it reported to investors,” said Hagens Berman partner Reed Kathrein. “Smoothing earnings and generating fake invoices are obviously violations of generally accepted accounting principles and the securities laws.”
Whistleblowers: Persons with non-public information regarding National Beverage Corp. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FIZZ@hbsslaw.com.
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Contact: Reed Kathrein, 510-725-3000