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British American Tobacco p.l.c.

Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired British American Tobacco p.l.c. (“BAT” or the “Company”) (NYSE: BTI) securities between February 9, 2023 and December 6, 2023, inclusive. The lawsuit seeks to recover BAT shareholders’ investment losses.

If you purchased securities in BAT between February 9, 2023 and December 6, 2023, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.

According to the Complaint, BAT is a multi-national tobacco company that sells cigarettes (which the Company refers to in its filings as “combustibles” or “sticks”, for individual cigarettes) and other tobacco-related products, such as vaping products, chewing tobacco, snus, and heated tobacco products. BAT refers to itself in its filings as the “Group”.

In January 2017, BAT, which already had a 42% stake in Reynolds American Inc. (“Reynolds”), took over the remaining interest in Reynolds for $49.4 billion dollars, valuing Reynolds at around $86 billion.  This resulted in Reynolds becoming a BAT subsidiary.  In doing so, BAT took control of the Camel, Newport, and Natural American Spirit cigarette brands (the “Premium American Cigarette Brands” or the “Brands”), among others, which are considered to be premium cigarettes.

Throughout the Class Period, Defendants failed to disclose that BAT materially understated the risks and potential likelihood of an impairment to the Brands as a result of various longstanding headwinds.

On December 6, 2023, BAT issued a press release announcing that it was taking a 25 billion Pound (or around $31.5 billion USD) impairment on the cigarette brands it acquired from Reynolds.

On this news, British American’s American Depositary Receipt (“ADR”) price fell $2.68 per share, or 8.88%, to close at $28.86 per ADR on December 6, 2023.

If you wish to serve as lead plaintiff, you must move the Court no later than March 25, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

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Contact Information:

Peter Allocco
Bernstein Liebhard LLP
(212) 951-2030