Case alleging securities fraud set to move forward for class-certification.
SEATTLE, March 7 /PRNewswire/ -- This week the U.S. District Court in
Seattle found Hagens Berman and plaintiff Robert Burrell most adequate to
lead the securities case against Jones Soda Co. (Nasdaq: JSDA). The suit
alleges company officers and directors made 'bullish' comments about
company success, causing stock to trade on artificially inflated prices.
Judge Robert Lasnick ruled Burrell's alleged losses are significantly
greater than the losses suffered by any other proposed plaintiff or group.
Three other groups filing against Jones Soda were denied lead plaintiff
appointment.
The lawsuit against Jones Soda, originally filed on Sept. 7, 2007,
alleges that the company and 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 complaint claims these statements caused Jones Soda stock price to
surpass $32 a share April 16, 2007, which more than doubled the company's
market value. On Aug. 2, 2007 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 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 85 percent since hitting the record high in
mid-April of 2007.
Anyone with information concerning these allegations can contact Hagens
Berman at info@hbsslaw.com, 206-623-7292 or visit the Web site at
http://www.hbsslaw.com.
About Hagens Berman
Hagens Berman, formerly Hagens Berman Sobol Shapiro, is based in
Seattle with offices in Chicago, Cambridge, Los Angeles, Phoenix and San
Francisco. Since 1993, it has developed a nationally recognized practice in
class-action and complex litigation. Among recent successes, HBSS has
negotiated a $300 million settlement in the DRAM memory antitrust
litigation; a $340 million recovery on behalf of Enron employees; a $150
million settlement involving charges of illegally inflated charges for the
drug Lupron, and served as co-counsel on the Visa/Mastercard litigation
which resulted in a $3 billion settlement, the largest anti-trust
settlement to date. HBSS served as counsel in a $850 million Washington
Public Power Supply settlement and represented Washington and 12 other
states against the tobacco industry that resulted in the largest settlement
in history. For a complete listing of HBSS cases, visit
http://www.hbsslaw.com.
CONTACTS:
Steve Berman (206) 623-7292
Hagens Berman
Steve@hbsslaw.com
Mark Firmani (206) 443-9357
Firmani + Associates, Inc.
Mark@firmani.com
SOURCE Hagens Berman
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CONTACT:
Steve Berman of Hagens Berman,
+1-206-623-7292, Steve@hbsslaw.com; or Mark Firmani of Firmani +
Associates, Inc., +1-206-443-9357, Mark@firmani.com, for Hagens
Berman
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