Investors who are current long-term stockholders in shares of Monster Beverage Corp (NASDAQ:MNST)
The plaintiff alleges that the defendants breached their fiduciary duties by allegedly failing to disclose in financial results that the New York attorney general had been investigating Monster Beverage Corp into its marketing practices over health effects of Monster Energy drinks.
On August 9, 2012, Monster Beverage Corp disclosed in a filing with the Securities and Exchange Commission that in July 2012, it 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® brand of energy drinks.
Shortly after the announcement a lawsuit was filed by investors against of Monster Beverage Corp over alleged securities laws violations.
Shares of Monster Beverage Corp (NASDAQ:MNST)
On September 14, 2012, NASDAQ:MNST shares closed at $53.77 per share, significantly below its current 52 week High of $83.96 per share.
Those who are current long-term stockholders in shares of Monster Beverage Corp (NASDAQ:MNST)