New York’s attorney general is investigating whether the multibillion-dollar energy-drink industry is deceiving consumers with misstatements about the ingredients and health value of its products.

Eric T. Schneiderman issued subpoenas in July to PepsiCo Inc., PEP -0.07% maker of AMP, Monster Beverage Corp., MNST -0.92% and Living Essentials LLC, maker of 5-hour Energy drink, according to a person familiar with the matter. The subpoenas asked for information on the companies’ marketing and advertising practices. (Read more)