NEW YORK, Aug. 21, 2012 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a securities class action lawsuit against Monster Beverage Corporation ("Monster" or the "Company") (Nasdaq:MNST) and certain of its officers. The class action (3:12-cv-02058), filed in the United States District Court, Central District of California, is on behalf of all persons or entities who purchased or otherwise acquired Monster securities between February 23, 2012 and August 9, 2012, both dates inclusive (the "Class Period"). This securities class action seeks to recover damages caused by the Company's violations of the federal securities laws and to pursue remedies under § 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder against the Company and certain of its top officials.
If you are a shareholder who purchased Monster securities during the Class Period, you have until October 22, 2012 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Monster markets and distributes energy drinks, fruit juices, smoothies, juice cocktails, iced teas, lemonades, and still water. The Company distributes its beverages in the United States and overseas.
The Complaint alleges that throughout the Class Period, the Company made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company was improperly advertising, marketing and promoting its Monster Energy® brand of energy drinks; and (ii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On August 8, 2012, after the market closed, the Company disclosed financial results that failed to meet analysts' expectations. On this news, Monster stock declined $6.57 per share or nearly 10%, to close at $61.20 per share on August 9, 2012.
The next day, after the market closed, the Company disclosed that it had "received a subpoena from a state attorney general in connection with an investigation concerning the Company's advertising, marketing, promotion, ingredients, usage and sale of its Monster Energy® brand of energy drinks." On this news, Monster stock declined an additional $6.93 per share or nearly 11%, to close at $54.27 per share on August 10, 2012.
The Pomerantz Firm, with offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.