LOS ANGELES, Dec. 12, 2006 (PRIME NEWSWIRE) -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a Class Action lawsuit in the United States District Court for the Central District of California on behalf of a class (the "Class") consisting of all persons or entities 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").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Hansen and certain of the Company's executive officers and directors with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Hansen's business and financial performance caused the Company's stock price to become artificially inflated, inflicting damages on investors. Hansen, through its subsidiaries, engages in the development, marketing, sale, and distribution of beverages in the United States and Canada. The Complaint alleges that during the Class Period defendants made materially false and misleading statements to the investing public and misrepresented or failed to disclose adverse facts, including that: (i) defendants engaged in the backdating of stock option grants for certain key executives of the Company; (ii) the Company's internal controls were inadequate and, therefore, the Company was unable to ascertain its true financial condition; and (iii) as a result of the foregoing, defendants issued false and misleading financial statements which, among other things, violated Generally Accepted Accounting Principles.
On October 31, 2006, Hansen shocked the market when it disclosed that the Company had received a letter from the Staff of the Pacific Regional Office of the Securities and Exchange Commission requesting that the Company voluntarily produce certain documents and information relating to the filing of SEC Forms 4 and the Company's stock option grant practices from January 1, 1996 to the present.
Then, on November 9, 2006, the Company issued a press release announcing a delay in the filing of its quarterly report for the quarter ended September 30, 2006. As a result of this news, shares of the Company's common stock fell more than 14%, to close at $24.88 on unusually heavy trading volume of more than 19 million shares traded.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than January 29, 2007, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.