MOLSON COORS SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
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Molson Coors Brewing Company
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Molson Coors Brewing Company (NYSE: TAP) between February 14, 2017 and February 12, 2019. The lawsuit seeks to recover Molson Coors shareholders’ investment losses.
If you purchased shares of Molson Coors between February 14, 2017 and February 12, 2019 and would like to join the action, please click “Join Class Action” above.
MOLSON COORS CLASS ACTION LAWSUIT: BERNSTEIN LIEBHARD LLP ANNOUNCES THAT A SECURITIES CLASS ACTION LAWSUIT HAS BEEN FILED AGAINST MOLSON COORS BREWING COMPANY – TAP
February 19, 2019.
New York, New York—Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Molson Coors Brewing Company (“Molson Coors” or the “Company”) (NYSE: TAP) between February 14, 2017 and February 12, 2019, both dates inclusive (the “Class Period”). The lawsuit seeks to recover Molson Coors shareholders’ investment losses.
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Molson Coors failed to properly reconcile the outside basis deferred income tax liability for Molson Coors’ investment in its MillerCoors, LLC partnership; (2) consequently, Molson Coors misreported net income in its consolidated financial statements for the fiscal years ending December 31, 2016 and December 31, 2017, resulting in an overall downward revision to net income; (3) Molson Coors lacked adequate internal controls over financial reporting; and (4) as a result, Defendants’ statements about Molson Coors’ business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On February 12, 2019, before the market opened, Molson Coors announced that its “previously issued consolidated financial statements as of and for the years ended December 31, 2017 and December 31, 2016 should be restated and no longer be relied upon.” That same day, the Company filed restated consolidated financial statements for the fiscal years ended December 31, 2016 and December 31, 2017 in the Company’s annual report for the fiscal year ending December 31, 2018
On this news, shares of Molson Coors fell $6.17 per share or approximately 9.5% to close at $59.19 per share on February 12, 2019, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than April 16, 2019. 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 ten consecutive years.