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Monster Beverage extends sell-off

October 23, 2012: 11:37 AM ET

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.

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Ben Rooney
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Ben Rooney is a staff writer for CNNMoney. He covers the European debt crisis and other international finance stories, in addition to writing about stocks, bonds, investing and other Wall Street-related news. Follow Ben on Twitter: @ben_rooney

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