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Faruqi & Faruqi, LLP Encourages Investors Who Suffered Substantial Losses Investing In Monster Beverage Corporation To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Monster Beverage Corporation (“Monster” or the “Company”) (NASDAQ GS: MNST).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company was improperly advertising, marketing and promoting its Monster Energy® brand of energy drinks; and (2) as a result, the Company’s financial statements were materially false and misleading at all relevant times. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices between February 23, 2012 and August 9, 2012 (“Class Period”).
On February 23, 2012, the Company issued a press release announcing its financial and operating results for the quarter and year ended December 31, 2001. The Company then filed its annual report (“Form 10-K”) with the United States Securities and Exchange Commissions (“SEC”) on February 29, 2012. In addition to reiterating the previously announced financial results, the Form 10-K gave insight into the Company’s sales and marketing practices. On May 10, 2012, Monster once again provided information regarding its sales and marketing practices in the filing of its financial and operating results for the quarter ended March 31, 2012.
Then, on August 8, 2012, after the market closed, the Company issued a press release announcing its financial and operating results for the quarter ended June 30, 2012 that were well below analysts’ estimates. On this news, Company shares declined by almost 10%, closing at $61.20 per share on August 9, 2012, on unusually high volume of over 11 million shares.
Following the August 8 press release, the Company filed its quarterly report for the period ended June 30, 2012 with the SEC on August 9, 2012. In this report, the Company disclosed that it was the subject of an investigation from an unnamed state attorney general concerning the Company’s advertising, marketing, promotion, ingredients, usage and sale of its Monster Energy® brand of energy drinks. On this dire news, shares of Monster stock declined over 11%, closing at $54.27 per share on August 10, 2012, again on heavy volume of over 11 million shares.
If you purchased Monster securities between February 23, 2012 and August 9, 2012 and would like to discuss your legal rights, contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Monster’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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