National Beverage Corp (FIZZ) Accused of Making Misleading Statements

According to the complaint against the company's officers and directors for breaches of fiduciary duties from July 17, 2014 through the present, National Beverage made a series of false and misleading statements to the investing public. For example, National Beverage falsely touted that it "utilize two proprietary techniques… create growth never before thought imaginable." These statements were false because the company's "proprietary techniques" lacked a verifiable basis and were in fact questioned by the SEC. The company also flaunted its Code of Ethics, which promoted a positive work environment and prohibited any type of harassment. Violating this stated policy, Nick Caporella, the company's Chairman and Chief Executive Officer, has been sued for engaging in a pattern of sexual misconduct between 2014 and 2016. National Beverage also failed to disclose certain compensation received by Caporella, including use of the company jet for personal means, and that he engages in unreported third party transactions with Broad River Aviation, Inc. Each revelation of false information has caused National Beverage's stock to decline over the years, causing damage to shareholders and loss of market capitalization.

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