Investors continued to punish Monster Beverage on Tuesday, following reports of the company's energy drink being cited in five deaths.
Shares of Monster Beverage (MNST) fell nearly 12% Tuesday, after closing down 14% in the prior day's session.
The Food and Drug Administration confirmed Monday that it had received five reports claiming that consuming Monster Beverage products resulted in death. The FDA stressed that it has not found any link between Monster Beverage drinks and the reported fatalities, saying the administration continues to investigate.
The reports were revealed as part of a lawsuit filed by the parents of a Maryland girl who died after consuming two large cans of Monster Energy on two consecutive days.
According to the lawsuit, the highly caffeinated drink caused the 14-year old girl, Anais Fournier, to suffer a cardiac arrest.
Monster Beverage has denied the allegations and pledged to defend itself in court. The company says it believes its products are safe and that it is unaware of any fatalities involving its drinks.
Shares of Monster Beverage plunged Monday after the company's energy drinks were cited in five deaths reported to the Food and Drug Administration.
Corona, Calif.-based Monster Beverage's (MNST) stock ended the day down 14% on the Nasdaq.
The FDA has received "adverse incident reports" of five deaths involving Monster energy drinks, although the administration has not established a direct link in any case, according to FDA spokeswoman Shelly Burgess.
"We're still looking MOREBen Rooney - Oct 22, 2012 4:00 PM ET
Not a member yet?Sign up now for a free account
|Delinquent IRS employees paid bonuses by the agency|
|Court quizzes Aereo: Do TV streams break the law?|
|Gun silencer sales are booming|
|How women can narrow the 'confidence gap'|
|Move over Facebook, Alibaba's mega IPO is coming|