It's quite possible that as a country we've finally reached peak LaCroix. After inspiring "LaCroixs Over Boys" t-shirts, a letter of recommendation in the New York Times, and a create-your-own-can generator, it looks like LaCroix may have been flying a little too close to the sun on wings made of pamplemousse-flavored seltzer.
On Wednesday, National Beverage Corp., the company that owns LaCroix, plummeted by as much as 16 percent after an activist short seller called Glaucus Research Group labeled the brand a "faddish stock-market darling du jour." According to Bloomberg, Glaucus—whose executives clearly haven't read the innumerable think pieces on the cultural significance of LaCroix—believes the recent seltzer craze is over-hyped, and is calling on regulators to launch a full investigation of the company's accounting practices.
The accusations sparked National Beverage's worst decline in four years, and it's been speculated that the company's shares could lose two-thirds of their value when everything is said and done, according to Bloomberg.
“We believe that this ‘report’ was intended to severely manipulate our stock price downward in support of short sellers, whose short position has dramatically increased over recent weeks,” National Beverage said in a statement. “The allegations in this ‘report’ are untrue and are based on allegations made in a complaint for the purpose of extorting money from the company.”
While the uncertain fate of LaCroix is troubling, to be sure, what's been overlooked so far is the fact that National Beverage also owns Faygo, the preferred drink of Insane Clown Posse. Should the company fold, what will happen to next year's Gathering of the Juggalos?