LOS ANGELES, Sept. 13, 2007 (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 Western District of Washington on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired the securities of Jones Soda Co. ("Jones Soda" or the "Company") (Nasdaq:JSDA) between November 1, 2006, and August 2, 2007, 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 Jones Soda 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 the Company's business, operations and prospects caused Jones Soda's stock price to become artificially inflated, inflicting damages on investors. Jones Soda Co. engages in the development, production, marketing and distribution of beverages primarily in the United States and Canada. Its products include Jones Pure Cane Soda, Jones Organics, and Jones Energy, among others. The Complaint alleges that during the Class Period defendants issued positive statements touting distribution and production agreements with numerous major retailers. Defendants stated that each of these agreements was cemented and that the Company was poised to reap financial benefits. These statements further led the market to believe that major retailers had stocked the Company's sodas on their shelves for sale, or that the sodas would be stocked on these retailers' shelves.
Then, on August 3, 2007, the Company announced that earnings for the quarter ended June 30, 2007 were well below Wall Street's expectations, and that the Company's canned products were not on enough store shelves in time for the peak summer season sales, which began during the Memorial Day weekend. As a result of this news, the price of Jones Soda stock plummeted nearly 23 percent in after hours trading to $11.70 a share.
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 November 5, 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/