National Beverage Corp., the soft-drink maker that sells the popular LaCroix seltzer brand, plunged as much as 16 percent after it was targeted by activist short seller Glaucus Research Group.
Calling National Beverage a “faddish” stock, Glaucus questioned the company’s accounting and said its shares could lose two-thirds of their value as problems come to light. The firm’s 51-page “short-biased” report, published Wednesday, sent National Beverage on its worst intraday decline in almost four years. The stock dropped as low as $39.14, reaching its lowest price since March.
