Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in Molson Coors Brewing Company (“Molson Coors” or the
“Company”) (NYSE:TAP) of the April 16, 2019 deadline to seek the role of
lead plaintiff in a federal securities class action that has been filed
against the Company.
If you invested in Molson Coors stock or options between February 14,
2017 and February 11, 2019 and would like to discuss your legal
rights, click here: www.faruqilaw.com/TAP.
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at
877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Northern
District of Illinois on behalf of all those who purchased Molson Coors
securities between February 14, 2017 and February 11, 2019 (the “Class
Period”). The case, Mathes v. Molson Coors Brewing Company et al., No.
1:19-cv-01162 was filed on February 15, 2019.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws by making false and/or misleading statements
and/or failing 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.
Specifically, 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, the Company's stock price fell from $65.36 per share on
February 11, 2019 to $59.19 per share on February 12, 2019—a $6.17 or
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. Any member of the putative class may move
the Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Molson Coors’ conduct to contact the firm, including whistleblowers,
former employees, shareholders and others.
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