According to the Complaint, Celsius Holdings, Inc. develops, markets, and sells functional drinks and liquid supplements. Its core offerings include pre- and post-workout functional energy drinks and protein bars.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company had improperly recorded expenses for non-cash share-based compensation for second and third quarters of 2021; (2) that, as a result, the Company’s financial statements for those periods would be restated, including to report a net loss for the third quarter of 2021; (3) that there was a material weakness in Celsius’s internal controls over financial reporting; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On June 3, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 8. Defendants filed a Motion to Dismiss the amended Complaint on August 5.

On March 22, 2023, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

The parties notified the Court that they had reached a Settlement in Principle on July 17, 2023. On August 2, 2023, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on August 30. On February 1, 2024, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On January 6, 2025, the Court issued an Order approving distribution of the Settlement funds.