On May 4, 2020, the 11th Circuit reversed, in part, the district court’s decision in dismissing the Complaint in Luzcak v. National Beverage. The Complaint asserts claims under Sections 10(b) and 20(a) of the Exchange Act charging that Defendants engaged in fraud by misrepresenting alleged “proprietary” metrics “that were key performance indicators” and created National Beverage’s growth.