Case Page

 

Case Status:    DISMISSED    
On or around 10/16/2007 (Court's order of dismissal)

Filing Date: November 29, 2006

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.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Beverages (Non-Alcoholic)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: HANS
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 06-CV-7599
JUDGE: Hon. John F. Walter
DATE FILED: 11/29/2006
CLASS PERIOD START: 11/12/2001
CLASS PERIOD END: 11/09/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Law Offices of Marc S. Henzel (Bala Cynwyd)
    273 Montgomery Ave. Suite 202, Law Offices of Marc S. Henzel (Bala Cynwyd), PA 19004
    610.660.8000 610.660.8080 · securitiesfraud@comcast.net
  3. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
  4. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 06-CV-7599
JUDGE: Hon. John F. Walter
DATE FILED: 05/01/2007
CLASS PERIOD START: 11/12/2001
CLASS PERIOD END: 11/09/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
  2. Wolf Haldenstein Adler Freeman & Herz LLP (San Diego)
    Symphony Towers; 750 B Street, Suite 2770, Wolf Haldenstein Adler Freeman & Herz LLP (San Diego), CA 92101
    619.239.4599 19.239.4599 ·
No Document Title Filing Date
No Document Title Filing Date