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Stanford Law School


Hansen Natural Corporation
Summary: On October 16, 2007 the judge entered an order granting the defendants' motion to dismiss the complaint with prejudice, permanently closing the case. Plaintiffs did not file an appeal.

On February 23, 2007 the judge entered his order consolidating the cases and appointing Jason Peltiers as lead plaintiff in the case. On May 1, 2007 a corrected consolidated complaint was filed and defendants replied with a motion to dismiss on June 25, 2007.

According to a press release dated November 30, 2006, 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.

The complaint alleges that 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.

The complaint further alleges that 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.

INDUSTRY CLASSIFICATION:
SIC Code: 2086
Sector: Consumer Non-Cyclical
Industry: Beverages (Non-Alcoholic)


COMPANY/ISSUER NAME: Hansen Natural Corporation
COMPANY/ISSUER TICKER: HANS
COMPANY WEBSITE: http://www.hansens.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE
Glenn D. Hutton, et al. v. Hansen Natural Corporation, et al.
 COURT: C.D. California  DOCKET NUMBER: 06-CV-7599
 JUDGE NAME: 
 DATE FILED: 11/29/2006  SOURCE: Notice of Filing
 CLASS PERIOD START: 11/12/2001  CLASS PERIOD END: 11/9/2006
 TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
 PLAINTIFF FIRMS NAMED IN COMPLAINT:
  • Glancy Binkow & Goldberg LLP (Los Angeles)
      1801 Ave. of the Stars, Suite 311, Los Angeles, CA, 90067
       (voice) (310) 201-915, (fax) (310) 201-916, info@glancylaw.com
  • Law Offices of Marc S. Henzel
      273 Montgomery Ave. Suite 202, Bala Cynwyd, PA, 19004
       (voice) 610.660.8000, (fax) 610.660.8080, securitiesfraud@comcast.net
  • Scott & Scott LLC
      P.O. Box 192, 108 Norwich Avenue, Colchester, CT, 06415
       (voice) 860.537.5537, (fax) 860.537.4432, scottlaw@scott-scott.com
  • Wolf Haldenstein Adler Freeman & Herz LLP (New York)
      270 Madison Avenue, New York, NY, 10016
       (voice) 212.545.4600, (fax) 212.686.0114, newyork@whafh.com
    _____________________________________________
     TOTAL NUMBER OF PLAINTIFF FIRMS:  4

  •  DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
    Class Action Complaint for Violation of the Federal Securities Laws - Jury Trial Demanded
    Type: Complaint Date on the document: 11/29/2006
    Declaration Of Seth A. Safier In Support Of Thomas L. Olk’s Notice Of Motion And Motion Of For Appointment As Lead Plaintiff, And Approval Of Selection Of Lead Counsel; Memorandum Of Points And Authorities In Support Of Plaintiff’s Motion Of For Appointment As Lead Plaintiff, And Approval Of Selection Of Lead Counsel
    Type: Declaration Date on the document: 01/29/2007
    [Proposed] Order Granting Thomas L. Olk’s Motion Of For Appointment As Lead Plaintiff, And Approval OfSelection Of Lead Counsel
    Type: Order Date on the document: 01/29/2007
    Thomas L. Olk’s Notice Of Motion And Motion Of For Appointment As Lead Plaintiff, And Approval Of Selection Of Lead Counsel And Memorandum Of Points And Authorities In Support Of Motion And Motion Of For Appointment As Lead Plaintiff, And Approval Of Selection Of Lead Counsel
    Type: Motion Date on the document: 01/29/2007

    REFERENCE COMPLAINT
    Glenn D Hutton, et al. v. Hansen Natural Corporation, et al.
     COURT: C.D. California  DOCKET NUMBER: 06-CV-7599
     JUDGE NAME: Hon. John F. Walter
     DATE FILED: 5/1/2007  SOURCE: Docket
     CLASS PERIOD START: 11/12/2001  CLASS PERIOD END: 11/9/2006
     TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
     PLAINTIFF FIRMS NAMED IN COMPLAINT:
  • Wolf Haldenstein Adler Freeman & Herz LLP (San Diego)
      Symphony Towers; 750 B Street, Suite 2770, San Diego, CA, 92101
       (voice) 619.239.4599, (fax) 19.239.4599,
    _____________________________________________
     TOTAL NUMBER OF PLAINTIFF FIRMS:  1

  •  DOCUMENTS FOR THE REFERENCE COMPLAINT
    Judgment
    Type: Order Date on the document: 10/16/2007
    U.S. District Court Civil Docket
    Type: Docket Date on the document: 10/22/2007

     OTHER DOCUMENTS
    Class Action Complaint for Violation of Federal Securities Laws - Jury Trial Demanded
    Case Name and/or Number: Denise Williams, et al. v. Hansen Natural Corporation, et al.
    Type: Complaint Date on the document: 12/12/2006
    Class Action Complaint for Violations of the Federal Securities Laws - Jury Trial Demanded
    Case Name and/or Number: Ziolkowski, et al. v. Hansen Natural Corporation, et al.
    Type: Complaint Date on the document: 12/18/2006

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