MINNEAPOLIS, Sept. 14, 2007 (PRIME NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of Jones Soda Company ("Jones Soda" or the "Company") (Nasdaq:JSDA) publicly traded securities during the period November 1, 2006 through August 2, 2007 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before November 5, 2007. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that as a result of Jones Soda's release of its fourth quarter 2006 results after Defendants' statements that Jones Soda was expanding the sales channels of its Jones Soda product in 12-ounce cans to major retailers such as Wal-Mart, Kroger, Safeway, and Kmart, Jones Soda stock traded up from its closing price of under $14 per share on March 8, 2007 to close above $17 per share on March 9, 2007. Defendants state that Jones Soda was on track to obtain 25% of the $66 billion canned soda market during the first half of 2007.
On August 2, 2007, Jones Soda reported significantly lower than expected canned soda sales and difficulty getting the new canned soda product onto retailers' shelves. Despite earlier promises to have the new product onto retailer shelves in advance of the Memorial Day holiday, Defendants acknowledged they lacked the requisite sales and distribution resources to execute the launch, failed to obtain shelf space at the national chains and bungled the launch of Jones Soda 12-ounce cans, forcing them to cancel their advertising campaign. As a result, the first half 2007 financial performance significantly underperformed expectations. Jones Soda's stock price fell 23% to $11.70 per share.
If you purchased Jones Soda Company securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685