Rigrodsky & long, p.a. announces a securities fraud class action
lawsuit has been filed against monster beverage corporation
Wilmington, del.--(business wire)--rigrodsky & long, p.a. announces that a complaint has been filed in the united states district court for the central district of california on behalf of all persons or entities that purchased the securities of monster beverage corporation (“monster” or the “company”) (nasdaq gs: mnst) between february 23, 2012 and august 9, 2012, inclusive (the “class period”), alleging violations of the securities exchange act of 1934 against the company and certain of its officers and directors (the “complaint”). if you purchased shares of monster during the class period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact timothy j. macfall, esquire or peter allocco of rigrodsky & long, p.a., 825 east gate boulevard, suite 300, garden city, ny at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/monster-beverage-corporation-mnst. monster, a delaware corporation headquartered in corona, california, develops, markets, sells and distributes “alternative” beverage category beverages primarily under several brand names including monster energy® and java monster®. the complaint alleges that throughout the class period, defendants made materially false and misleading statements regarding the company’s business operations, financial condition and prospects. specifically, the complaint alleges (1) that the company was improperly advertising, marketing and promoting its monster energy® brand of energy drinks; and (2) that as a result, the company’s financial statements were materially false and misleading at all relevant times. as a result of defendants’ false and misleading statements, the company’s stock traded at artificially inflated prices during the class period. according to the complaint, on february 23, 2012, the company issued a press release announcing its financial and operating results for the quarter and year ended december 31, 2001. the company then filed its annual report (“form 10-k”) with the united states securities and exchange commissions (“sec”) on february 29, 2012. in addition to reiterating the previously announced financial results, the form 10-k gave insight as to the company’s sales and marketing practices. on may 10, 2012, monster once again provided information regarding its sales and marketing practices in the filing of its financial and operating results for the quarter ended march 31, 2012. then, on august 8, 2012, after the market closed, the company issued a press release announcing its financial and operating results for the quarter ended june 30, 2012 that were well below analysts’ estimates. on this news, shares of the company declined almost 10%, closing at $61.20 per share on august 9, 2012, on volume of over 11 million shares. following this release, on august 9, 2012, the company filed its quarterly report for the period ended june 30, 2012 with the sec. in this report, the company disclosed that it was the subject of an investigation from an unnamed state attorney general concerning the company’s advertising, marketing, promotion, ingredients, usage and sale of its monster energy® brand of energy drinks. on this news, shares of monster stock declined over 11%, closing at $54.27 per share on august 10, 2012, again on heavy volume of over 11 million shares. if you wish to serve as lead plaintiff, you must move the court no later than october 22, 2012. a lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. in order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. any member of the proposed 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. while rigrodsky & long, p.a. did not file the complaint in this matter, the firm, with offices in wilmington, delaware and garden city, new york, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the delaware court of chancery and in state and federal courts throughout the united states. attorney advertising. prior results do not guarantee a similar outcome.
