Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Molson Coors Brewing Company Investors (TAP)
BENSALEM, Pa.--(BUSINESS WIRE)--Feb 15, 2019--Law Offices of Howard G. Smith 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.
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.
If you purchased shares of Molson Coors, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190215005577/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2019.
PUB: 02/15/2019 05:43 PM/DISC: 02/15/2019 05:42 PM