Dreier LLP Announces Class Action Lawsuit Against Hansen Natural Corp. (HANS)
September 22 2008 - 8:00AM
PR Newswire (US)
NEW YORK, Sept. 22 /PRNewswire/ -- Dreier LLP
(http://www.dreierllp.com/) announces that a class action lawsuit
was commenced in the U.S. District Court for the Northern District
of California on behalf of all purchasers of the common stock of
Hansen Natural Corp. (NASDAQ:HANS) ("Hansen" or the "Company") from
May 23, 2007 through November 8, 2007, inclusive (the "Class
Period"). The complaint charges Hansen and certain of its officers
and directors with violations of the Securities Exchange Act of
1934. As a result of defendants' false statements and omissions
during the Class Period, Hansen common stock traded at artificially
inflated prices. If you purchased Hansen common stock during the
Class Period, you may be a member of the proposed Class. You must
move the Court on or before November 10, 2008 if you wish to serve
as a lead plaintiff. Lead plaintiffs must meet certain legal
requirements. If you have acquired Hansen common stock and want to
discuss your legal rights, you may contact Bruce D. Bernstein () of
Dreier LLP at 800-952-8897. Class members may retain counsel of
their choice and move the Court to serve as a lead plaintiff, or
may choose to do nothing and remain absent class members. Hansen,
through its subsidiaries, engages in the development, marketing,
sale, and distribution of beverages in the United States and
Canada. The Complaint alleges that, during the Class Period,
defendants made materially false and misleading statements
regarding Hansen's beverage sales and financial results. Among
other things, the Complaint alleges that defendants misrepresented
and concealed that: (i) Hansen's second quarter 2007 sales results
were materially impacted by inventory loading as customers were
induced to purchase more product before the Company raised its
prices for two of its beverage lines: (ii) Hansen was experiencing
a decline in sales of its non-core drink lines; (iii) the Company's
Java Monster drink line was experiencing production shortfalls; and
(iv) as a result of the foregoing, defendants did not have a
reasonable basis for their positive statements concerning the
Company's business prospects. On November 8, 2007, Hansen reported
lower than expected revenue growth and decreasing profit margins in
a press release announcing the Company's financial results for the
third quarter 2007. On that day, following defendants' revelations,
Hansen common stock fell $13.17 per share, to close at $43.50 per
share on heavy trading volume. Dreier LLP's Class Action Litigation
Group has vast experience representing domestic and foreign
institutional and individual investors in securities and other
class actions throughout the country. The partners who head Dreier
LLP's Class Action Litigation Group have successfully prosecuted
securities fraud class actions in a wide variety of industries and
have played a significant role in cases that have resulted in some
of the largest securities class action settlements. Prior results
do not guarantee a similar outcome. As of the date of this Notice,
Dreier LLP has not filed a complaint against Hansen. Background on
Dreier LLP Dreier LLP was founded in 1996 by Marc Dreier as a more
responsive and innovative alternative to traditional "large-firm"
lawyering. Dreier LLP represents a wide range of institutional,
entrepreneurial and individual clients in diverse sectors of
financial, industrial and service-oriented markets. The firm's
principal practices are commercial litigation, class action
litigation, real estate, bankruptcy and corporate reorganization,
labor and employment law, corporate and securities, entertainment
and sports law, intellectual property, matrimonial and tax. Dreier
LLP's Los Angeles affiliate, Dreier Stein Kahan Browne Woods George
LLP, has its principal practice in entertainment and commercial
litigation and corporate transactions. The firm's New York
affiliate Schlesinger Gannon & Lazetera LLP has an extensive
practice in trusts and estates law. Pitta & Dreier LLP is an
affiliate which specializes in labor law, and Pitta, Bishop, Del
Giorno & Dreier LLP specializes in government relations. Dreier
Sports Opportunities offers athletes and organizations
comprehensive business and life management services. Berry Block
& Bernstein LLC is an affiliate specializing in building human
capital of companies through diversity, corporate social
responsibility and leadership training. In the 12 years since its
founding, Dreier LLP, with its affiliate members, has grown to more
than 225 attorneys, with its principal office at 499 Park Avenue in
Manhattan, and additional offices in Los Angeles and Santa Monica,
CA; Albany, NY; Stamford, CT; and Pittsburgh, PA. Attorney
advertising DATASOURCE: Dreier LLP CONTACT: Bruce D. Bernstein,
Esq. of Dreier LLP, +1-800-952-8897, Web site:
http://www.dreierllp.com/
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