On October 12, 2018, Pomerantz was appointed Co-Lead Counsel in a class action lawsuit filed against National Beverage Corp. and certain of its officers.
The investigation concerns whether National Beverage and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On May 4, 2017, National Beverage, the maker of LaCroix sparkling water, issued a press release stating that it "employs methods that no other company does in this area—VPO (velocity per outlet) and VPC (velocity per capita)." National Beverage asserted that it "utilize[s] two proprietary techniques to magnify these measure and this creates growth never before thought possible." On May 5, 2017, National Beverage issued a second press release, stating that "[o]ur impressive VPO calculator . . . is flashing solid green numbers as we bring FY2017 to a close." On June 26, 2018, the Wall Street Journal published an article entitled "The SEC Has Had Its Own Questions About LaCroix", reporting that National Beverage had "declined to provide" the U.S. Securities and Exchange Commission ("SEC") "with requested sales figures to clarify [National Beverage's] sales claims", following a letter request from the SEC in January 2018. On this news, National Beverage's share price has fallen sharply during intraday trading on June 27, 2018.