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MarketScreener Homepage  >  Equities  >  Nyse  >  Molson Coors Brewing    TAP

MOLSON COORS BREWING

(TAP)
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Glancy Prongay & Murray LLP : Announces the Filing of a Securities Class Action on Behalf of Molson Coors Brewing Company Investors (TAP)

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02/19/2019 | 05:23pm EDT

Glancy Prongay & Murray LLP (“GPM”), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased Molson Coors Brewing Company (NYSE: TAP) (“Molson Coors” or the “Company”) securities between February 14, 2017 and February 11, 2019, inclusive (the “Class Period”). Molson Coors investors have until April 16, 2019 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

On February 12, 2019, Molson Coors announced that it would restate its financial statements for fiscal years 2016 and 2017 after the audit committee found errors in Molson Coors’ financial reporting. On this news, Molson Coors’ share price fell $6.17, or more than 9.4%, to close at $59.19 per share on February 12, 2019, thereby injuring investors.

The complaint filed in this class action alleges that 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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased shares of Molson Coors during the Class Period you may move the Court no later than April 16, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


© Business Wire 2019
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Financials (USD)
Sales 2019 10 613 M
EBIT 2019 1 452 M
Net income 2019 965 M
Debt 2019 8 658 M
Yield 2019 3,76%
P/E ratio 2019 11,7x
P/E ratio 2020 11,6x
EV / Sales2019 1,88x
EV / Sales2020 1,82x
Capitalization 11 321 M
Chart MOLSON COORS BREWING
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Technical analysis trends MOLSON COORS BREWING
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 58,55  $
Last Close Price 52,16  $
Spread / Highest target 40,0%
Spread / Average Target 12,3%
Spread / Lowest Target -15,6%
EPS Revisions
Managers
NameTitle
Mark R. Hunter President, Chief Executive Officer & Director
Peter H. Coors Chairman
Tracey I. Joubert Chief Financial Officer
Andrew Thomas Molson Director
H. Sanford Riley Independent Director
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