Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin
Stoia”) (http://www.csgrr.com/cases/hansen/)
today announced that a class action has been commenced in the United
States District Court for the Central District of California on behalf
of purchasers of Hansen Natural Corporation (“Hansen
Natural” or the “Company”)
(NASDAQ:HANS) common stock during the period between May 23, 2007 and
November 8, 2007 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from today. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please
contact plaintiff’s counsel, Samuel H. Rudman
or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058,
or via e-mail at djr@csgrr.com. If
you are a member of this class, you can view a copy of the complaint as
filed or join this class action online at http://www.csgrr.com/cases/hansen/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
The complaint charges Hansen Natural and certain of its officers and
directors with violations of the Securities Exchange Act of 1934. Hansen
Natural, through its subsidiaries, engages in the development,
marketing, sale, and distribution of beverages in the United States and
Canada.
According to the complaint, during the Class Period, defendants issued
materially false and misleading statements that misrepresented and
failed to disclose: (a) that Hansen Natural’s
second quarter sales results were materially impacted by inventory
loading as customers were induced to purchase more product before the
Company raised its prices in its Monster Energy drink line and its Java
Monster drink line; (b) that the Company was experiencing declining
sales in its non-core drink lines; (c) that the Company was experiencing
production shortfalls with its Java Monster drink line; and (d) that, as
a result of the foregoing, defendants lacked a reasonable basis for
their positive statements about the Company and its prospects.
On November 8, 2007, the Company issued a press release announcing its
financial results for the third quarter of 2007, the period ended
September 30, 2007. For the quarter, the Company reported lower than
expected revenue growth and decreasing profit margins. Following this
earnings announcement, shares of the Company’s
common stock fell $13.17 per share, or 23%, to close at $43.50 per
share, on heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of Hansen
Natural common stock during the Class Period. Plaintiff is represented
by Coughlin Stoia, which has expertise in prosecuting investor class
actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San
Francisco, Los Angeles, New York, Boca Raton, Washington, D.C.,
Philadelphia and Atlanta, is active in major litigations pending in
federal and state courts throughout the United States and has taken a
leading role in many important actions on behalf of defrauded investors,
consumers, and companies, as well as victims of human rights violations.
The Coughlin Stoia website (http://www.csgrr.com)
has more information about the firm.
Coughlin Stoia Geller Rudman & Robbins LLP
Samuel H. Rudman,
800-449-4900
or
David A. Rosenfeld
djr@csgrr.com
