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Hansen Natural Corporation. (NYSE: HANS)
Keller Rohrback L.L.P., as Lead Counsel in the In Re Hansen Natural Corp. Derivative Litigation, which is pending in the U.S. District Court for the Central District of California, announces that on February 28, 2008, the Honorable John F. Walter entered a Preliminary Approval Order which approved the Stipulation and Agreement of Settlement entered into between the parties. A Settlement Hearing has been scheduled for May 5, 2008.
The complaint was filed on behalf of nominal defendant Hansen Natural Corp. (“Hansen” or the “Company”) and named certain current and former Hansen executive officers and directors as Defendants. Plaintiffs, Hansen shareholders, made a claim for violations of the Securities Exchange Act of 1934, breach of fiduciary duty, aiding and abetting, unjust enrichment, corporate waste, gross mismanagement, rescission, and violation of the California Corporation Code. Plaintiffs alleged that these claims arose from the actions of the Individual Defendants in engaging in, or permitting others to engage in, the deceptive practice of backdating stock options granted to certain executives - for the purpose of increasing the value of the options - without disclosing or reporting the additional compensation or resulting costs to the Corporation.
For more information regarding the settlement and its terms, please review the documents below:
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Complaint filed April 23, 2007