National Beverage – Glaucus Research

National Beverage Corp. (NASDAQ: FIZZ) (“FIZZ” or the “Company”) manufactures and distributes lowpriced sodas and carbonated beverages, including brands such as Faygo, Shasta, Rip It energy drinks, and LaCroix sparkling water.

On the strength of LaCroix sparkling water, which is responsible for over 100% of FIZZ’s growth, FIZZ’s share price has doubled in the past year and its market capitalization has skyrocketed from $1 billion to a recent peak of $3 billion. FIZZ has become a faddish stock-market darling du jour, but records produced as part of recent litigation paint a darker picture and suggest, in our opinion, that FIZZ has achieved its remarkable history of financial performance in part by manipulating earnings