NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of NewAge, Inc. (OTC: NBEVQ) (NASDAQ: NBEV) resulting from allegations that NewAge may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased NewAge securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=10143 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
WHAT IS THIS ABOUT: On October 18, 2022, the SEC announced that it was taking legal action against NewAge’s former Chief Executive Officer (“CEO”), Brent Willis. The SEC alleged that he engaged in a “multi-year fraud by disseminating numerous false and misleading press releases and making false public statements concerning NewAge’s business dealings [. . .].” The allegations focused on numerous false statements made by NewAge’s CEO and other NewAge officers stating that the Company, among other things, had developed a line of CBD-infused beverages, had a business relationship with the U.S. military, and distribution agreements with various major retailers around the world. The SEC followed up on October 19, 2022, by announcing that it had instituted legal proceedings against NewAge, enjoining it from further violations of the relevant securities laws. In anticipation of these proceedings, NewAge submitted a settlement offer, which the SEC has accepted.
On this news, NewAge’s stock plummeted 93% on October 20, 2022, during intraday trading.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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