According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that:
- NewAge never entered into a “distribution agreement” or “initiative in partnership” with the military and never had plans to sell its products at all commissaries and exchanges around the world;
- NewAge did not have adequate inventory of its products to fulfill this reported agreement;
- NewAge did not actually expand its product lines or distribution agreements as represented;
- the Company lacked adequate internal controls;
- as a result the Company had a heightened risk of regularly scrutiny and ultimately subject to an SEC investigation and action; and
- 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.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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