HARTFORD, Conn., Dec. 1, 2006 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased or otherwise acquired the common stock of Hansen Natural Corporation ("Hansen" or the "Company") (Nasdaq:HANS) between November 12, 2001 and November 9, 2006, inclusive, (the "Class Period").
The Complaint alleges that Hansen and certain of its officers and directors violated federal securities laws by issuing positive press releases, statements and financial reports which were materially false and misleading because they failed to disclose the following adverse facts: (i) that defendants engaged in the backdating of stock option grants for certain key executives; (ii) that Hansen lacked adequate internal controls and was therefore unable to ascertain its true financial condition; and (iii) that as a result of the foregoing, defendants engaged in improper accounting practices.
On October 31, 2006, Hansen filed a Form 8-K indicating that it received a letter from the SEC requesting that the Company voluntarily produce certain documents and information relating to the its filing of SEC Forms 4 and the Company's stock option grant practices from January 1, 1996 to the present. On November 9, 2006, Hansen announced a delay in the filing of its quarterly report: "(i)n light of the investigation discussed above, the Company is not in a position to complete the preparation of the financial statements and certain related information required to be included in Form 10-Q for the quarter ended September 30, 2006. The Company intends to file Form 10-Q as soon as practicable after the completion of the investigation by the Special Committee."
If you are a member of the class, you may, no later than January 29, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com, or visit our website: www.snlaw.net.