NEW YORK, April 05, 2019 (GLOBE NEWSWIRE) -- 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 rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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 9.44% drop.
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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