Case Page

 

Case Status:    SETTLED
On or around 12/03/2014 (Other)

Filing Date: September 09, 2011

According to a press release dated September 9, 2011, the Defendants violated federal securities laws by failing to disclose material adverse facts about the Company’s true financial condition, business and prospects.

Specifically, the complaint alleges that defendants failed to disclose the following adverse facts, among others: (i) that the Company was facing increased low-cost competition from retailers such as Wal-Mart and Target Corp., which was negatively impacting the Company’s business and financial condition; (ii) that a previously completed acquisition was a complete disaster for the Company as the acquired company’s operations were in far worse condition than had been represented to investors; (iii) that the Company was not operating according to internal expectations and could not achieve the guidance sponsored and/or endorsed by defendants; and (iv) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its operations and prospects.

On July 23, 2010, the Company issued a press release announcing its fiscal 2010 first quarter results and that the Company had launched a “turnaround,” designed to strengthen operating and financial foundation. On August 13, 2010, the Company announced the closing of certain stores as part of the Company’s operational and revenue-driven turnaround initiative, the purported Turnaround Strategy, designed to generate sustained profitability and cash flow, drive sales growth, restore competitive margins to the business and strengthen the foundation of the Company for the long term. Then on December 10, 2010, the Company shocked investors after revealing, for the first time, that the Company was performing so far below expectations and the purported Turnaround Strategy was failing so miserably that the Company would likely be forced to file for bankruptcy protection. In response to this announcement, the price of securities declined precipitously.

On December 8, 2011, the Court issued an Order approving the selection of lead plaintiffs and lead counsel.

On March 16, 2012, Plaintiffs filed an Amended Complaint.

On April 30, 2013, the Court issued an Opinion granting in part and denying in part the motion to dismiss of a group of Defendants and granting the motion to dismiss of a separate group of Defendants.

On May 8, 2014, the parties entered into a Settlement Agreement. The Settlement was preliminarily approved by the Court on August 13.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: GAPTQ
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: D. New Jersey
DOCKET #: 11-CV-05196
JUDGE:
DATE FILED: 09/09/2011
CLASS PERIOD START: 07/23/2009
CLASS PERIOD END: 12/10/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohn, Lifland, Pearlman, Herrmann & Knopf
    Park 80 Plaza West-One, Cohn, Lifland, Pearlman, Herrmann & Knopf, NJ 7663
    201845.9600 · info@njlawfirm.com
  2. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  3. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  4. Kahn Swick & Foti, LLC (Updated New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC (Updated New York), NY 10110
    212.696.3730 504.455-1498 ·
  5. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 11-CV-05196
JUDGE:
DATE FILED: 03/16/2012
CLASS PERIOD START: 07/23/2009
CLASS PERIOD END: 12/10/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohn, Lifland, Pearlman, Herrmann & Knopf
    Park 80 Plaza West-One, Cohn, Lifland, Pearlman, Herrmann & Knopf, NJ 7663
    201845.9600 · info@njlawfirm.com
  2. Dyer & Berens LLP
    303 East 17th Avenue, Suite 300, Dyer & Berens LLP, CO 80203
    303.861.1764 303.861.1764 ·
  3. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  4. Kahn Swick & Foti, LLC (Updated New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC (Updated New York), NY 10110
    212.696.3730 504.455-1498 ·
  5. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date