Charlie's shares rise above Ellis drug case

Shares in Charlie's juice company continued to shrug off the conviction of director and company figurehead Marc Ellis for possessing the drug Ecstasy.

At one point the stock touched a high of 12c before easing back to close the day up 1.1c at 11.1c.

But the shares are still well off the 18c peak they reached just before the former All Black's name was linked to allegations of a celebrity drug ring.

Ellis' name was suppressed by the court until last week.

But the degree to which the shares fell has sparked concerns over whether the market was kept sufficiently informed about his involvement.

The exchange is understood not to be investigating the matter.

Ellis, who still features on the company's website, resigned from the Charlie's board last Friday after he admitted buying five pills of the class-B drug for personal use. Former league player Brent Todd was named as another celebrity in the ring.

Ellis remains a cornerstone shareholder in Charlie's, which he founded with managing director Stefan Lepionka.

Marketing experts have expressed mixed opinions about the effect of the revelations on the Charlie's brand. They have said the brand could play on the "naughtiness" of the revelations. But that could damage its appeal to the wider market, particularly among families.

Neither Lepionka nor chairman Roger Gower returned the Business Herald's calls.