NEW YORK, Sept. 12, 2012 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a securities class action has been commenced in the United States District Court for the Central District of California on behalf of a class (the "Class") of purchasers of Monster Beverage Corporation (NASDAQ: MNST) ("Monster" or the "Company") securities between February 23, 2012 and August 9, 2012 (the "Class Period").
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(R) 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(R) 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. Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired Monster stock during the Class Period. If you purchased or otherwise acquired Monster stock during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than October 22, 2012. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.