Hansen Natural (NASDAQ: HANS) Investor Securities Class Action Lawsuit 09/11/2008

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Company Name(s): 
Hansen Natural
Case Name: 
Hansen Natural Shareholder Class Action Lawsuit 09/11/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: HANS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/11/2008
Class Period Begin: 
11/09/2006
Class Period End: 
11/08/2007
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
11/10/2008
Date Settled: 
01/29/2015
Settlement Amount: 
$16,250,000
Deadline to Participate in Settlement: 
11/12/2014
Settlement Notice: 
Settlement Proof: 
Summary: 

January 29, 2015 - The court held a final settlement hearing, approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys' fees and expenses, and dismissed the action with prejudice.

July 28, 2014 - The court preliminarily approved the settlement.

April 16, 2014 - Parties filed a stipulation of settlement.

February 10, 2014 - The court ordered the action is stayed to allow the parties time to complete their negotiations and to prepare and file settlement papers.

September 4, 2012 -The court dismissed certain of the claims in the complaint but denied defendants’ motion to dismiss with regard to the majority of plaintiff’s claims.

November 8, 2010 - The defendants filed a motion to dismiss.

August 27, 2010 - The lead plaintiff filed an amended consolidated complaint.

July 12, 2010 - The court granted the motion to dismiss with leave to amend.

November 16, 2009 - The defendants filed a motion to dismiss.

August 29, 2009 - The lead plaintiff filed a consolidated complaint on behalf of investors who purchased Hansen Natural (NASDAQ: HANS) common shares between November 9, 2006 and November 8, 2007. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 9, 2006 and November 8, 2007.

July 13, 2009 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

November 10, 2008 - Lead plaintiff motions were filed.

September 11, 2008 - An investor in shares of Hansen Natural (NASDAQ: HANS now known as Monster Beverage Corp NASDAQ: MNST) filed a lawsuit in the U.S. District Court for the Central District of California against Hansen Natural over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 23, 2007 and November 8, 2007.

The complaint charges Hansen Natural and certain of its officers and directors with violations of the Securities Exchange Act of 1934. According to the complaint, during May 23, 2007 and November 8, 2007, Hansen Natural 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 Hansen Natural raised its prices in its Monster Energy drink line and its Java Monster drink line; (b) that Hansen Natural was experiencing declining sales in its non-core drink lines; (c) that Hansen Natural 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 Hansen Natural and its prospects.

On November 8, 2007, Hansen Natural issued a press release announcing its financial results for the third quarter of 2007, the period ended September 30, 2007. For the quarter, Hansen Natural reported lower than expected revenue growth and decreasing profit margins. Following this earnings announcement, shares of Hansen Natural’s common stock fell $13.17 per share, or 23%, to close at $43.50 per share, on heavy trading volume.

On January 5, 2012, shareholders agreed to change the name of the company from Hansen Natural to Monster Beverage Corp.

Hansen Natural, through its subsidiaries, engaged in the development, marketing, sale, and distribution of beverages in the United States and Canada.