San Diego, CA -- (SBWIRE) -- 01/11/2023 -- An investor, who purchased shares of NewAge, Inc. (OTC: NBEVQ, formerly NASDAQ: NBEV), filed a lawsuit against NewAge, Inc. over alleged Securities Laws violations.

Investors who purchased shares of NewAge, Inc. (OTC: NBEVQ, formerly NASDAQ: NBEV) have certain options and for certain investors are short and strict deadlines running. Deadline: February 6, 2023. OTC: NBEVQ/ NASDAQ: NBEV investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Denver, CO based NewAge, Inc. develops, markets, sells, and distributes healthy products in the United States, Japan, China, and internationally.

On January 10, 2022, NewAge, Inc. announced in a filing with the U.S. Securities and Exchange Commission ("SEC") that the Company's Board Chief Executive Officer ("CEO") Brent Willis had agreed that Willis would "resign as [CEO], Director, and employee of the Company, effective immediately. The Company and Mr. Willis will determine the terms of his departure at a future date. [. . .] Ed Brennan will provide additional guidance and direction to the senior management team [. . .]."

On August 30, 2022, NewAge Inc. and three affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code.

Shares of NewAge, Inc. (OTC: NBEVQ) declined from $1.16 per share on December 23, 2022, to as low as $0.0001 per share on October 06, 2022.

The plaintiff claims that between January 18, 2018 and October 18, 2022, the defendants made false and/or misleading statements and/or failed to disclose, among other things, that NewAge, Inc never entered into a "distribution agreement" or "initiative in partnership" with the military and never had plans to sell its products at all commissaries and exchanges around the world, that NewAge, Inc did not have adequate inventory of its products to fulfill this reported agreement, that NewAge, Inc not actually expand its product lines or distribution agreements as represented, that the Company lacked adequate internal controls, that as a result the Company had a heightened risk of regularly scrutiny and ultimately subject to an SEC investigation and action, and that as a result of the foregoing, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of NewAge, Inc. (OTC: NBEVQ) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.