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Shares of National Beverage Corp. (NASDAQ: FIZZ) tumbled Wednesday, after Glaucus Research Group suggested the company had manipulated earnings and defrauded investors through a "ludicrous corporate governance structure."
The note stated that CEO and Chairman Nick Caporella had “admitted to manipulating FIZZ’s earnings using a ‘little jewel box’ and by directing his son to create fake invoices.”
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Related Link: National Beverage Shares Fizzing Out As Glaucus Alleges Earnings Manipulation
The stock staged a small rebound around 3:30 p.m. ET, after the company issued a response where it called Glaucus’ report “false and defamatory,” arguing that the firm has falsely slandered companies in the past.
“We believe that this ‘report’ was intended to severely manipulate our stock price downward in support of short sellers, whose short position has dramatically increased over recent weeks,” the press release said, as the company denied any wrongdoing.
“Shareholders are cautioned against reacting to the false statements being made. Our financial statements have been and are routinely audited; and we reiterate that we stand behind the integrity of our financial statements and SEC filings,” the Office of the Chairman concluded.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.