NEW YORK, Oct. 17, 2007 (PRIME NEWSWIRE) -- The Brualdi Law Firm announces that a class action lawsuit has been filed on October 16, 2007 on behalf of purchasers of the securities of Bravo! Brands, Inc. ("Bravo") (Pink Sheets:BRVO) between November 20, 2005 and May 15, 2007 (the "Class Period").
If you bought the securities of Bravo between November 20, 2005 and May 15, 2007, no later than December 17, 2007, you may move the court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. Your ability to recover is not, however, affected by the decision whether or not to serve as a lead plaintiff.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Tali Leger, Director of Shareholder Relations at The Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to tleger@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
The complaint alleges that Bravo CEO Roy G. Warren and Chief Accounting Officer Tommy E. Kee violated the Securities Exchange Act of 1934. During the Class Period, Bravo concealed that its sole distributor, Coca Cola Enterprises, Inc. ("CCE"), had drastically cut its demand for Bravo's milk drinks. (Bravo sold its products under the brand names Slammers and Bravo.) Bravo also failed to timely disclose that it had defaulted on interest payments to senior note holders.
Bravo falsely told investors on April 3, 2007 that it had expanded its drink products by introducing the first milk-based sports drink. Only one month later, Bravo announced that it would substantially reduce its workforce, that it would not roll out brands into new channels of distribution, and that its sales with CCE had declined substantially in April and May 2007. On May 15, 2007, the last day of the Class Period, Bravo announced that it had recognized a $17.6 million non-cash impairment charge during the quarter ended March 31, 2007. On September 21, 2007, Bravo filed for bankruptcy.