Los Angeles ( CNN ) -- Two California residents are suing Anheuser-Busch , alleging the company waters down Budweiser and other beers `` significantly '' to boost profits , their attorneys announced Tuesday . The class-action lawsuit alleges that the maker of the `` King of Beers '' has the technology to precisely control the amount of alcohol in its beers but adds water so the alcohol is well below the advertised figure of 5 % by volume , the suit said . `` There are no impediments -- economic , practical or legal -- to AB accurately labeling its products to reflect their true alcohol content , '' the 18-page lawsuit said . `` Nevertheless , AB uniformly misrepresents and overstates that content . '' The beer maker rejected the lawsuit 's allegations . `` The claims against Anheuser-Busch are completely false , and these lawsuits are groundless , '' said Peter Kraemer , vice president of brewing and supply for Anheuser-Busch . `` Our beers are in full compliance with all alcohol labeling laws . `` We proudly adhere to the highest standards in brewing our beers , which have made them the best-selling in the U.S. and the world , '' he said . The lawsuit alleges the other watered-down beers are Bud Ice , Bud Lite Platinum , Michelob , Michelob Ultra , Hurricane High Gravity Lager , King Cobra , Busch Ice , Natural Ice and Bud Light Lime . But the suit does n't provide figures for the allegedly watered-down alcohol content . Nina Giampaoli and John Elbert , who reside in Sonoma County , California , are the plaintiffs who say they stopped buying Budweiser after learning of the alleged mislabeling , the suit said . Their suit , filed last week in federal court in San Francisco , alleges violations of California 's consumer protection laws and Missouri 's Merchandising Practices Act . `` I think it 's wrong for huge corporations to lie to their loyal customers -- I really feel cheated , '' Giampaoli said in a statement . `` No matter what the product is , people should be able to rely on the information companies put on their labels . '' The company 's parent , Anheuser-Busch InBev SA/NV , is the world 's largest producer of alcoholic beverages and made more than 10 billion gallons of malt libations in 2011 , generating gross profits of more than $ 22 billion , the lawsuit said . The parent company 's 13 U.S. breweries alone produced more than 3 billion gallons of alcoholic beverages in 2011 , and Anheuser Busch has a 47.7 % market share of the U.S. sale of beer , the suit said . `` Because water is cheaper than alcohol , AB adds extra water to its finished products to produce malt beverages that consistently have lower alcohol content than the percentage displayed on its labels , '' the suit said . `` By doing so , AB is able to produce a significantly higher number of units of beer from the same starting batch of ingredients . `` AB never intends for the malt beverage to possess the amount of alcohol that is stated on the label . As a result , AB 's customers are overcharged for watered-down beer and AB is unjustly enriched by the additional volume it can sell , '' the suit said . The lawsuit , which says the matter in controversy exceeds $ 5 million , seeks unspecified amounts for compensatory and exemplary damages and asks the court to require the beer makers `` to fund a corrective advertising campaign , '' the suit said . In the aftermath of the lawsuit 's announcement , National Public Radio and CNN affiliate KSDK conducted independent lab tests this week on samples of some Anheuser-Busch InBev beers and found their alcohol content matched the amount stated on the label . Anheuser Busch gets more time to rework Grupo Modelo deal .
NEW : Two media outlets ' lab tests find alcohol content of beer samples is as advertised . Two California residents accuse Anheuser-Busch of watering down beer . Score: 6