While LaCroix may be seen as the comeback kid, transforming from the seltzer your mom used to drink to a libation treasured anew by the millennial gang, there could be trouble ahead for the brand’s parent company.

LaCroix parent company National Beverage Corp.’s stock took a sharp tumble today, dropping as much as 13% after some harsh words by activist short seller Glaucus Research Group, Bloomberg reports, noting there could be more dips to come.

The company “has become a faddish stock-market darling du jour,” Glaucus said in the report. “We believe that government regulatory and enforcement agencies should launch a full investigation of the company, its accounting and its practices, creating a reasonable probability of further downside.”

National Beverage — which also makes Faygo and Shasta — has been soaring high in the last few years as younger generations looking for soda alternatives have discovered the sparkling water. Millennials gushing over LaCroix helped push National Beverage up by 65% in the past year before Wednesday’s move by Glaucus, Bloomberg notes.

Glaucus is now taking a short position in the company’s stock, which means that it stands to gain if National Beverage shares continue to slide.

Parent Company of LaCroix Seltzer Is Crashing After Short-Seller’s Report [Bloomberg]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.