Law Offices of Howard G. Smith reminds investors of the April 16, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Molson Coors Brewing Company (Molson Coors or the Company) (NYSE: TAP) 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.
Investors suffering losses on their Molson Coors investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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 during the Class Period you may move the Court no later than April 16, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you 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 protected], or visit our website at www.howardsmithlaw.com.
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