Zamansky LLC announces that it is investigating Molson Coors Brewing Company (NYSE:TAP) (Molson Coors or the Company) for potential breaches of fiduciary duties. Specifically, the investigation concerns the Companys accounting practices and its purported failure to properly reconcile its deferred income tax liability for Molson Coors investment in its MillerCoors, LLC (MillerCoors) partnership. If you are a Molson Coors shareholder and still hold your TAP shares, please contact our firm for further information.
Pursuant to a recent SEC filing, Molson Coors has disclosed that it identified certain errors in connection with the Companys acquisition of its remaining interest in MillerCoors in the fourth quarter of 2016. As a result, Molson Coors has concluded that the Companys previously issued 2016 and 2017 consolidated financials were misstated. Further, Molson Coors has disclosed that it will restate its 2016 and 2017 financials and intends to increase its deferred tax liabilities and deferred tax expenses by $399.1 million, with a corresponding decrease in net income and earnings per share. Following release of this news, Molson Coors shares have declined nearly 10% in value.
According to Jake Zamansky, an investment fraud attorney, Molson Coors officers and directors owe the Company and its shareholders fiduciary duties. Our initial analysis of Molson Coors and its accounting practices suggests shareholders may have suffered damages as a result of the Companys previously misstated earnings, Zamansky says. As we continue our investigation into this matter, our law firm will review whether certain of Molson Coors officers and directors may have breached their duties to the Company.
What Molson Coors Shareholders Can Do
If you are a current shareholder of Molson Coors, please contact us to review or discuss your legal rights. You may, without obligation or cost to you, email [email protected] or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading investment fraud law firm with experience handling securities, hedge fund, ERISA and other shareholder class action and derivative litigation. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.
Jake Zamansky, 212-742-1414