Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Molson Coors Brewing Company (TAP)
NEW YORK, Feb. 20, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Molson Coors Brewing Company (“Molson” or the “Company”) (NYSE: TAP) in the United States District Court for the Northern District of Illinois on behalf of those who purchased or acquired the securities of Molson between February 14, 2017 and February 11, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Molson failed to properly reconcile the outside basis deferred income tax liability for Molson’s investment in its MillerCoors, LLC partnership; (2) consequently, Molson 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 lacked adequate internal controls over financial reporting; and (4) as a result, Defendants’ statements about Molson’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 12, 2019, Molson announced that it would restate its financial statements for fiscal years 2016 and 2017 after the audit committee found errors in Molson’s financial reporting. On this news, Molson’s share price fell $6.17, or more than 9.4%, to close at $59.19 per share on February 12, 2019, thereby injuring investors.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the April 16, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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