NEW YORK, Dec. 09, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announce that a class action lawsuit relating to securities has been filed in the U.S. District Court for the District of Colorado on behalf of any person or entity that purchased the securities from NewAge, Inc. ( “NewAge” or the “Company”) NBEV NBEVQ between January 18, 2018 and October 18, 2022, both dates inclusive (the “Class Period”).

The Complaint alleges that during the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose, among other things: (1) NewAge never entered into a “distribution agreement” or “initiative in partnership” with the military and never had plans to sell its products in all trading houses and stock exchanges around the world; (2) NewAge did not have adequate inventory of its products to fulfill this reported agreement; (3) NewAge has not expanded its product lines or distribution agreements as depicted; (4) the company lacked adequate internal controls; (5) as a result, the Company was at increased risk of being subject to periodic scrutiny and eventual SEC investigation and action; and (6) as a result of the foregoing, statements made by defendants about their businesses, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. As the true details emerged, the lawsuit alleges that investors suffered damage.

Investors who have purchased or otherwise acquired NewAge stock should contact the company before February 6, 2023 Lead Plaintiff’s Application Deadline. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation. If you would like to discuss your rights or interests related to this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. by Gainey McKenna & Egleston at (212) 983-1300 or by email at tjmckenna@gme-law.com or gegleston@gme-law.com.

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