Boutique beer brewer Moa has received a "please explain" letter from the NZX after its share price dropped 22 per cent in just over six weeks.
In a briefly worded response to the NZX's market surveillance arm, Moa chief executive Geoff Ross confirmed the company had been complying with disclosure rules.
Listed companies are obliged to immediately disclose any "material information" to the market, unless it is confidential and can be kept as such.
Moa's last announcement on February 11 noted the company had claimed the largest medal haul of any brewery worldwide at the annual Dublin Craft Beer Cup.
However, the share price has since slipped from 69 cents on February 11 to 54c today.
Distribution woes led to the brewer posting a $3 million loss for the half year to September 30.
Moa has since set up its own sales and distribution structure in New Zealand and Australia.
Shares in the Moa Group's much-hyped sharemarket float were originally issued at $1.25 in November 2012, meaning any original investors still holding their shares have taken a 57 per cent haircut.
- Fairfax Media