NBEVQ Lawsuit – NewAge Inc.
A lawsuit has been filed in the District of Colorado against NewAge Inc., (NBEVQ:OTC) as the Company and Defendants never produced or sold a proprietary CBD beverage.
Shareholders who held NBEVQ securities saw stock fell by 93%.
Is There A NewAge Lawsuit?
Yes. There is a Class Action Lawsuit. The NewAge Inc. (NBEVQ:OTC) Class Action Lawsuit was filed on December 7, 2022 at the District of Colorado on behalf of the shareholders.
NBEVQ:OTC Class Action Lawsuit (NewAge) was filed on December 7, 2022 on behalf of the shareholders.
On January 10, 2022, NewAge filed an 8-K announcing that the Board and Defendant Willis agreed that he would “resign as [CEO], Director, and employee of the Company, effective immediately.
The Company and Mr. Willis will determine the terms of his departure at a future date. Ed Brennan will provide additional guidance and direction to the senior management team .”
In response, the stock went down 6% on each of the following trading days, from an opening price of $0.98 to a closing price of $0.9251 on January 11 and from an opening price of $0.935 to a closing price of $0.88 on January 12.
On May 17, 2022, the Company announced after trading hours had concluded that it had received a late notice from Nasdaq regarding the filing of its Form 10-Q.
The next day, the stock went down by 8%, from an opening price of $0.391 per share to $0.3591 per share.
On June 8, 2022, after trading had concluded for the day, the Company announced that it was undertaking a review of “strategic alternatives,” including “available financing alternatives, a potential financial restructuring, merger, sale or other strategic transaction.”
The next day, NewAge’s share price went down 12%, from $0.42 per share to $0.3703. Following that, the Company’s share price closed down 11% (the price per share dropped from $0.3605 to $0.3201 on the day), 5% (the price per share dropped from ($0.3112 per share to $0.2902 on the day), and 3% (the price per share dropped from $0.298 per share to $0.29 on the day).
On August 30, 2022, NewAge announced that it was filing for Chapter 11 bankruptcy relief. Further, On August 31, 2022, The Wall Street Journal released an article called “New Age Says Cost of Internal Probe Contributed to Bankruptcy,” which highlighted the fact that in its Chapter 11 disclosure, NewAge admitted that it had conducted an expensive internal investigation into Ariix for suspected violations of the FCPA.
The next day, the stock closed down from an opening price of $0.2016 per share to $0.1222 per share. It September 2, 2022, closing down 27% further plummeted on , from an opening of $0.20 per share to $0.1482.
On September 2, 2022, after trading hours in the domestic markets had finished for the day, NewAge filed an 8K announcing that it had received writing notice from The Nasdaq Stock Market LLC (“Nasdaq”) that, as a result of its filing for protection under Chapter 11 of the U.S. Bankruptcy Code, N asdaq determined that NewAge’s securities would be delisted from the Nasdaq stock exchange, beginning on September 8, 2022.
In response to this news, NewAge stock closed down 9% on September 6, 2022 $ 0.125.
On October 19 , 2022. , the SEC announced that it had instituted ceaseanddesist proceedings against NewAge pursuant to Section 8A of the Securities Act and Section 21C of the Exchange Act, enjoining NewAge from fur ther violations of the Securities and Exchange Acts, and rules and regulations promulgated under them.
In anticipation of these proceedings, NewAge submitted a settlement offer, which the SEC has accepted.
The next day, NewAge stock plummeted from an opening price of $0.175 per share to $0.0013 per share, or 93%.
NewAge Lawsuit, What Is It about?
A lawsuit (NewAge Class Action Lawsuit) was filed on December 7, 2022 on behalf of the shareholders who held common stock on (OTC:NBEVQ), because on January 10, 2022, NewAge filed an 8-K announcing that the Board and Defendant Willis agreed that he would “resign as [CEO], Director, and employee of the Company, effective immediately.
The Company and Mr. Willis will determine the terms of his departure at a future date. Ed Brennan will provide additional guidance and direction to the senior management team .
In response, the stock went down 6% on each of the following trading days, from an opening price of $0.98 to a closing price of $0.9251 on January 11 and from an opening price of $0.935 to a closing price of $0.88 on January 12.
What Is The Deadline For The NBEVQ Lawsuit?
The deadline for a Lead Plaintiff is February 6, 2023. As a shareholder, you also want to submit your information as soon as you can, so you do not miss out on this class action and you will receive regular updates on the progress of the case, including a settlement announcement.
How Much Was The Stock Loss To NBEVQ Stock?
Shareholders who held NBEVQ securities saw the stock went down 6% on each of the following trading days, from an opening price of $0.98 to a closing price of $0.9251 on January 11 and from an opening price of $0.935 to a closing price of $0.88 on January 12.
Moreover, the stock went down by 8%, from an opening price of $0.391 per share to $0.3591 per share.
Additionally, NewAge’s share price went down 12%, from $0.42 per share to $0.3703. Following that, the Company’s share price closed down 11% (the price per share dropped from $0.3605 to $0.3201 on the day), 5% (the price per share dropped from ($0.3112 per share to $0.2902 on the day), and 3% (the price per share dropped from $0.298 per share to $0.29 on the day.)
Furthermore, the stock closed down from an opening price of $0.2016 per share to $0.1222 per share. It September 2, 2022, closing down 27% further plummeted on , from an opening of $0.20 per share to $0.1482
In addition, NewAge stock closed down 9% on September 6, 2022 $ 0.125 .
Lastly, NewAge stock plummeted from an opening price of $0.175 per share to $0.0013 per share, or 93%.
What Is Lawsuit Complaint Against NewAge About?
An NBEVQ class action lawsuit (NewAge Class Action Lawsuit) has been filed on behalf of investors who purchased NewAge Class Action Lawsuit (NBEVQ) securities between January 18, 2018 – October 18, 2022, inclusive. For more on the NBEVQ Lawsuit please contact us today.
According to the NewAge Inc. lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(1) the Company and Defendants had no relationship with the military or FamilyMart;
(2) the Company and Defendants overstated the business agreements that they did have;
(3) the Company and Defendants never produced or sold a proprietary CBD beverage;
(4) the Company lacked adequate internal controls;
(5) as a result the Company had a heightened risk of regularly scrutiny and ultimately subject to an SEC investigation and action; and
(6) as a result of the foregoing, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you suffered a loss in NBEVQ, you have until February 6, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Securities Fraud Class Action Attorneys
Levi & Korsinsky, LLP, have represented Shareholders for over 20 years to secure hundreds of millions of dollars for aggrieved shareholders.
Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States and has built a track record of wining high-stake cases.
What Is Involved In The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired NBEVQ securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The NBEVQ class-action lawsuit is directed by the lead plaintiff. To litigate the NewAge Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the NewAge Class Action Lawsuit.
What Does NewAge Inc. Do?
NewAge, Inc. develops, markets, sells, and distributes healthy products in the United States, Japan, China, and internationally. The company operates in two segments, Direct / Social Selling and Direct Store.
It provides health and wellness, energy drink, essential oil and anti-aging skincare, cosmetic, beverage, snacks, water and air filtration, and personal care products, as well as weight management, nutritional supplement, nutraceutical, and slenderiize products; diagnostic products, such as DNA testing and diagnostic kits and products; and CBD products.
The company offers its products under the Tahitian Noni, LIMU, Zennoa, LIMU Blue Frog, Hiro Natural, TeMana, Lucim, Reviive, Puritii, and MaVie brands. It sells its products directly to customers, as well as through distributors, e-commerce sites, and direct-store-delivery systems.
The company was formerly known as New Age Beverages Corporation and changed its name to NewAge, Inc. in July 2020.
NewAge, Inc. was incorporated in 2010 and is headquartered in Denver, Colorado.
On August 30, 2022, NewAge, Inc. along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
Deadline of Submission is Until February 6, 2023
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