| Company: | Hansen Natural Corporation |
| Ticker Symbol: | NASD: HANS |
| Class Period: | November 12, 2001 to November 9, 2006 |
| Date Filed: | Dec-01-06 |
| Lead Plaintiff Deadline: | Jan-29-07 |
| Court: | Central District, CA |
| Allegations: |
A class action lawsuit has been filed in the United States District Court, Central District of California, on behalf of all persons who purchased the common stock of Hansen Natural Corporation ("Hansen" or the "Company") (NASDAQ:HANS) between November 12, 2001 and November 9, 2006, inclusive (the "Class Period"), against defendants Hansen, and certain of its officers and directors, including Rodney C. Sacks, Hilton H. Schlosberg, Norman C. Epstein, Harold C. Taber, Jr., Mark S. Vidergauz, Mark J. Hall, Michael B. Schott, and Thomas J. Kelly, alleging violations under the Securities Exchange Act of 1934, 15 U.S.C. Section 78j(b), 78(t) and 78t(a) and Rule 10b-5, promulgated thereunder, 17 C.F.R. Section 240.10b-5 (the "Class").
The Complaint alleges that throughout the Class Period, defendants issued numerous, positive press releases, statements and quarterly financial reports filed with the SEC that described the Company's financial performance. These statements were materially false and misleading because they failed to disclose and misrepresented the following adverse facts, among others: (a) that defendants engaged in the backdating of stock option grants for certain key executives of the Company; (b) that the Company lacked adequate internal controls and was therefore unable to ascertain its true financial condition; and (c) that as a result of the foregoing, defendants engaged in improper accounting practices.
On October 31, 2006, the Company filed a Form 8-K with the SEC indicating that it received a letter from the Staff of the Pacific Regional Office of the SEC requesting that the Company voluntarily produce certain documents and information relating to the its filing of SEC Forms 4 and the Company's stock option grant practices from January 1, 1996 to the present.
On November 9, 2006, the Company issued a press release announcing a delay in the filing of its quarterly report. The Company reported that "[i]n light of the investigation discussed above, the Company is not in a position to complete the preparation of the financial statements and certain related information required to be included in Form 10-Q for the quarter ended September 30, 2006. The Company intends to file Form 10-Q as soon as practicable after the completion of the investigation by the Special Committee."
Following this news, shares of the Company's common stock fell substantially on unusually heavy trading volume.
As a result of the dissemination of the false and misleading statements set forth above, the market price of Hansen common stock was artificially inflated during the Class Period. In ignorance of the false and misleading nature of the statements described above, and the deceptive and manipulative devices and contrivances employed by said defendants, plaintiffs and the other members of the Class relied, to their detriment, on the integrity of the market price of Hansen common stock. Had plaintiffs and the other members of the Class known the truth, they would not have purchased said common stock, or would not have purchased them at the inflated prices that were paid.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The Complaint alleges that throughout the Class Period, defendants issued numerous, positive press releases, statements and quarterly financial reports filed with the SEC that described the Company's financial performance. These statements were materially false and misleading because they failed to disclose and misrepresented the following adverse facts, among others: (a) that defendants engaged in the backdating of stock option grants for certain key executives of the Company; (b) that the Company lacked adequate internal controls and was therefore unable to ascertain its true financial condition; and (c) that as a result of the foregoing, defendants engaged in improper accounting practices.
On October 31, 2006, the Company filed a Form 8-K with the SEC indicating that it received a letter from the Staff of the Pacific Regional Office of the SEC requesting that the Company voluntarily produce certain documents and information relating to the its filing of SEC Forms 4 and the Company's stock option grant practices from January 1, 1996 to the present.
On November 9, 2006, the Company issued a press release announcing a delay in the filing of its quarterly report. The Company reported that "[i]n light of the investigation discussed above, the Company is not in a position to complete the preparation of the financial statements and certain related information required to be included in Form 10-Q for the quarter ended September 30, 2006. The Company intends to file Form 10-Q as soon as practicable after the completion of the investigation by the Special Committee."
Following this news, shares of the Company's common stock fell substantially on unusually heavy trading volume.
As a result of the dissemination of the false and misleading statements set forth above, the market price of Hansen common stock was artificially inflated during the Class Period. In ignorance of the false and misleading nature of the statements described above, and the deceptive and manipulative devices and contrivances employed by said defendants, plaintiffs and the other members of the Class relied, to their detriment, on the integrity of the market price of Hansen common stock. Had plaintiffs and the other members of the Class known the truth, they would not have purchased said common stock, or would not have purchased them at the inflated prices that were paid.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
