SEATTLE, Sept. 7 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP ("Hagens Berman") (http://www.hbsslaw.com/jsda.htm) today announced that it filed a class-action suit on behalf of investors, against the CEO and other executives of the Jones Soda Co. The complaint stems from investigations into allegation contained in the Seattle Post-Intelligencer that certain officers and directors of Jones Soda disposed of "nearly all their shares of the company stock" in what was called "a highly unusual move" by securities experts "during a wave of positive publicity that kept the stock high."
Subsequently two other class action lawsuits have been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of Jones Soda Company ("Jones Soda") common stock during the period between March 9, 2007 and August 2, 2007 (the "Class Period").
Attorney Steve Berman filed the complaint on behalf of lead plaintiff, Lael Banner, and all purchasers (other than defendants). The suit also represents all persons, other than the defendants, who purchased Jones Soda Corporation common stock between November 1, 2006, and August 2, 2007 (the "Class Period).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Steve Berman or Reed Kathrein of Hagens Berman at 888/381-2889 or 510/725-3000 or via e-mail
The complaint generally charges that Jones Soda and the executives made misleading statements about an expansion into major retailers, such as Wal-Mart, Kroger, Safeway and Kmart, with a new 12-ounce canned soda and a major marketing campaign. The "continued bullish statements" caused the stock price to surpass $32 a share April 16, which more than doubled the company's market value, the suit says. But Aug. 2, the company reported significantly lower-than-expected canned soda sales and said it had difficulty getting the new products on retailers' shelves before the Memorial Day holiday, the suit said. The problems also caused the company to embargo an advertising campaign, and it "essentially bumbled the launch of Jones Soda 12-ounce cans," the suit says. The stock price, following two quarters of poor earnings results, has fallen 67 percent since hitting the record high in mid-April.
Hagens Berman Sobol Shapiro, a law firm with offices in Seattle, San Francisco, Los Angeles, Boston, Chicago and Phoenix, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Hagens Berman Web site (http://www.hbsslaw.com/) has more information about the firm.
Contact: Hagens Berman Sobol & Shapiro LLP Steve Berman or Reed R. Kathrein 888/381-2889 http://www.hbsslaw.com/
