Bloomberg has a long piece about the long and winding road taken by National Beverage Corp.’s LaCroix water brand; the company has gone from being valued at more than $4 billion to one that “has a target on its back,” dealing with plummeting sales and being “sued by shareholders and former employees,” while “reports of internal strife and personality clashes suggest deeper problems.”

These days, “it turns out that just about anyone can inject carbon dioxide into water, flavor it, and package it. By 2017, Coca-Cola had introduced its sparkling varieties of Dasani and Smartwater. PepsiCo’s Bubly generated serious social media buzz, and was featured in a Super Bowl ad with Michael Bublé. (Get it?) A little more than a year in, Bubly has surpassed $170 million in sales, and its share of the sparkling water market has jumped about 3 percentage points, to 7.7%. What’s more, LaCroix can’t match the distribution heft of the beverage giants like Coke and Pepsi, which send convoys of trucks directly to stores and restaurants in the U.S. National Beverage depends largely on picking up the product from warehouses. That limits LaCroix’s reach, analysts say.

“A flood of private equity money has backed other competition, including Spindrift, the Boston-area startup that lured away National Beverage executives\ … With so much money sloshing around, another, bigger bubble could be forming, but until it pops, LaCroix has a bull’s-eye on its back.”

You can read the Bloomberg piece here.