Celsius Execs Should Escape Suit Over Pepsi Deal, Judge Says

The fraud claims against Celsius Holdings, Inc. executives based on statements they made allegedly over-hyping a distribution deal with PepsiCo Inc. should be dismissed, a magistrate judge told a federal court.

The plaintiffs didn’t sufficiently allege that the statements were false and material or that the executives had the requisite state of mind under federal securities law, Magistrate Judge Bruce E. Reinhart said in his report to Judge Melissa Damian of the US District Court for the Southern District of Florida.

Celsius signed agreements with Pepsi in 2022 that made the company Celsius’ primary distributor in the US and its ...