Monster Beverage (MNST) on Wednesday disputed a Tuesday report from short seller Spruce Point Capital Management, saying it contained "false and misleading characterizations" about its business.

Monster Beverage Co-Chief Executive Officers Rodney Sacks and Hilton Schlosberg said in a statement that the company's financial statements and other financial information filed with the US Securities and Exchange Commission have been "fairly stated in all material respects."

The Spruce Point report is "filled with and based on inaccuracies and aspersions that appear to be designed to distort the company's record and share price for its own gain," Sacks and Schlosberg said.

Shares of the company were down more than 2% in recent premarket activity.