The sell-off of Monster Beverage shares deepened Tuesday after Goldman Sachs removed it from its "Conviction Buy" list following the FDA's confirmation that it is investigating reports of people dying after drinking its energy drinks.

THE SPARK: Goldman Sachs analyst Judy Hong said Tuesday it was removing Monster from the list, a group of stocks the company considers the most potentially profitable for a buyer. But she kept a "Buy" rating, saying that after Monster Beverage's big decline, regulatory and legal risks are already reflected in the stock price.

THE BACKGROUND: The FDA is investigating reports dating back to 2004 that claim that people had adverse reactions after they consumed Monster Energy Drink. The drink, which comes in 24-ounce cans, contains 240 milligrams of caffeine. That's seven times the amount of the caffeine in a 12-ounce cola.

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