Key Developments: Monster Beverage Corp (MNST.O)
56.91USD
17 May 2013
$-0.30 (-0.52%)
$57.21
$57.50
$57.54
$56.09
1,488,797
2,234,617
$79.00
$39.99
Latest Key Developments (Source: Significant Developments)
Monster Beverage Corp Board Authorizes New $250 Million Share Repurchase Program
Monster Beverage Corp announced that its Board of Directors has authorized a new share repurchase program for the repurchase of up to $250 million of the Company's outstanding common stock. Full Article
Faruqi & Faruqi, LLP Announces investigation Against Monster Beverage Corp
Faruqi & Faruqi, LLP, announced that it is investigating potential securities fraud at Monster Beverage Corporation (Monster or the Company). The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: the Company was improperly advertising, marketing and promoting its Monster Energy brand of energy drinks; and 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, 2011. 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. Full Article
Bernstein Liebhard LLP Announces That Securities Class Action Has Been Filed Against Monster Beverage Corp
Bernstein Liebhard LLP 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 (Monster or the Company) securities between February 23, 2012 and August 9, 2012 (the Class Period). 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: the Company was improperly advertising, marketing and promoting its Monster Energy(R) brand of energy drinks; and as a result of the above, the Company's financial statements were materially false and misleading at all relevant times. 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. Full Article
Levi & Korsinsky Announces Class Action Against Monster Beverage Corp
Levi & Korsinsky announced that a class action lawsuit has commenced in the United States District Court for the Central District of California on behalf of investors who purchased Monster Beverage Corp securities between February 23, 2012 and August 9, 2012. Full Article
Lieff Cabraser Announces Class Action Lawsuits Against Monster Beverage Corp
Lieff Cabraser Heimann & Bernstein, LLP announced that class action lawsuits have been brought on behalf of all persons who purchased the securities of Monster Beverage Corporation (Monster or the “Company”) between February 23, 2012 and August 9, 2012, inclusive (the “Class Period”). The actions are brought against Monster and certain of its officers for violations of the Securities Exchange Act of 1934. Monster markets and distributes energy drinks, fruit juices, smoothies, juice cocktails, iced teas, lemonades, and still water. The complaints allege that, throughout the Class Period, defendants made materially false and misleading statements regarding Monster’s business, operational and compliance policies. In particular, Defendants misrepresented and failed to disclose that the Company was improperly advertising, marketing and promoting its Monster Energy brand of energy drinks and that, as a result of the above, Monster’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 dropped $6.57 per share, or nearly 10%, to close at $61.20 per share on the following day. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Monster Beverage Corp
Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of a class comprising all purchasers of the securities of Monster Beverage Corp between February 23, 2012 and August 9, 2012. Monster Beverage, through its subsidiaries, develops, markets, sells and distributes alternative-beverage category beverages in the United States and internationally. The Complaint alleges that the Company and certain of its executive officers issued false and/or misleading statements and/or failed to disclose material adverse facts concerning the Company’s business and operations. Specifically, the Complaint alleges that the Company and certain of its executive officers misrepresented or failed to disclose that: (1) the Company was improperly advertising, marketing and promoting its Monster Energy(R) brand drinks; and (2), as a result, the Company’s financial statements were materially false and misleading at all relevant times. Full Article
Izard Nobel LLP Announces Class Action Lawsuit Against Monster Beverage Corporation
The law firm of Izard Nobel LLP, announced that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of purchasers of the publicly traded securities of Monster Beverage Corporation (Monster or the Company) between February 23, 2012 and August 9, 2012, inclusive (the Class Period). The Complaint alleges that Monster, a marketer and distributer of energy drinks and alternative beverages, and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following: (i) the Company was improperly advertising, marketing and promoting its Monster Energy(R) brand of energy drinks; and (ii) as a result, the Company's financial statements were materially false and misleading at all relevant times. On August 8, 2012, Monster disclosed financial results that failed to meet analysts' expectations. On this news, Monster stock declined $6.57, 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 fell an additional $6.93 to close at $54.27 per share on August 10, 2012. Full Article
Harwood Feffer LLP Announces Investigation of Monster Beverage Corp
Harwood Feffer LLP announced that it is investigating potential claims against the board of directors of Monster Beverage Corp (Monster or the Company) concerning whether the board has breached its fiduciary duties to shareholders. On August 9, 2012, Monster filed a quarterly report on Form 10-Q with the SEC in which it disclosed he Company had received a subpoena from a state attorney general regarding its advertising, marketing, promotion, ingredients, usage and sale of its Monster Energy brand of energy drinks. On August 28, 2012 after the markets closed, The Wall Street Journal reported that New York Attorney General Eric Schneiderman had begun an investigating into whether Monster has deceived consumers about the ingredients and health value of the Company's products. The Attorney General's investigation concerns whether the benefits of exotic-sounding ingredients have been overstated while the dangers of stimulants in the caffeinated energy drinks have been downplayed. Monster's energy drinks represented over 90% of the Company's revenue in 2011. Full Article
Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary Duty by Officers and Directors of Monster Beverage Corp
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announced that the firms are investigating legal claims against the officers and Board of Directors of Monster Beverage Corp (Monster) related to potential securities violations between February 23, 2012 and August 9, 2012 (the Class Period). In a recently filed federal class action complaint, Monster and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the Class Period, the defendants misrepresented or failed to disclose: that it was improperly marketing, advertising and promoting its Monster Energy brand energy drinks and as a result, its financial statements were materially false and misleading. After these revelations became known, Monster’s stock price declined dramatically causing substantial losses. Full Article
Robbins Umeda LLP Announces Investigation of Monster Beverage Corp
Shareholder rights firm Robbins Umeda LLP announced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors of Monster Beverage Corporation. On August 9, 2012, in a Form 10-Q securities filing, Monster disclosed that it had received a subpoena from an unspecified state attorney general in July regarding its advertising, marketing, promotion, ingredients, usage and sale of its Monster Energy brand of energy drinks. On this news, Monster shares declined 11% on August 10, 2012, to close at $54.27. Then on August 28, 2012, The Wall Street Journal revealed that New York's attorney general Eric T. Schneiderman is investigating whether Monster is deceiving consumers regarding the ingredients and health value of Monster's products. While the investigation is in its early stages, investigators are examining whether the benefits of exotic-sounding ingredients have been overstated while the effects of caffeine have been downplayed. Robbins Umeda LLP highlights that Monster shareholders have the option to file a shareholder derivative action to hold those officers and directors accountable for damaging the Company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains. Full Article
Health concerns drag on Monster Beverage sales
- Energy drinks maker Monster Beverage Corp's sales missed analysts' estimates as the industry took a hit from concerns over the health risks of such drinks, sending its shares down 16 percent after the bell.
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