Company: Molson Coors Brewing Company
Court: U.S.D.C. - District of Colorado
A shareholder class action complaint has been filed against Molson Coors Brewing Company (NYSE: TAP) (“Molson Coors” or the “Company”) on behalf of investors who purchased shares of the Company’s common stock between February 14, 2017 and February 12, 2019, inclusive (the “Class Period”).
The complaint alleges that the defendants made false and misleading statements and/or failed to disclose material adverse information to investors during the Class Period concerning the accuracy of the Company’s financial statements.
On February 12, 2019, Molson Coors disclosed that its Audit Committee “concluded that the Company’s previously issued consolidated financial statements as of and for the years ended December 31, 2017 and December 31, 2016 should be restated and no longer be relied upon.” Additionally, Molson Coors disclosed that “management of the Company has determined that a material weakness existed in the Company’s internal control over financial reporting as of December 31, 2018 relating to the design and maintenance of effective controls over the completeness and accuracy of the accounting for and disclosure of the income tax effects of acquired partnership interests.” Following this news, shares of the Company’s common stock fell $6.17 per share, or 9.5% in value, to close on February 12, 2019 at $59.19, on heavy trading volume.
Molson Coors stockholders who purchased shares of the Company’s stock prior to February 12, 2019 are encouraged to contact the firm at (888) 715 – 1740, or by completing the information form on this page, to discuss their legal rights and options.