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Molson Coors Brewing Company (NYSE: TAP) Investor Securities Class Action Lawsuit 02/15/2019

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Lawsuit Overview

Case Dismissed
Company
Molson Coors Brewing Company
Security
NYSE: TAP

Case Name
Molson Coors Brewing Shareholder Class Action Lawsuit 02/15/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Colorado

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

December 2, 2020 - The court granted the defendants' motion to dismiss.

January 23, 2020 - A motion to dismiss the amended complaint was filed.

December 10, 2019 - An amended complaint was filed.

February 15, 2019 - An investor in shares of Molson Coors Brewing Company (NYSE: TAP) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by Molson Coors Brewing Company in connection with certain allegedly false and misleading statements made between February 14, 2017 and February 11, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Molson Coors Brewing Company (NYSE: TAP) common shares between February 14, 2017 and February 11, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between February 14, 2017 and February 11, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Molson Coors Brewing Company failed to properly reconcile the outside basis deferred income tax liability for Molson Coors’ investment in its MillerCoors, LLC partnership, that consequently, Molson Coors Brewing Company 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, that Molson Coors Brewing Company lacked adequate internal controls over financial reporting, and that 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.

Denver, CO based Molson Coors Brewing Company manufactures, markets, and sells beer and other malt beverage products in the United States, Canada, Europe, and internationally.

On February 12, 2019, Molson Coors Brewing Company (NYSE: TAP) 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. Shares of Molson Coors Brewing Company (NYSE: TAP) declined from $67.24 per share on February 5, 2019 to as low as $58.42 per share on February 13, 2019.