RADNOR, Pa., Oct. 24, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a class action lawsuit has been filed in the United States District Court for the Southern District of New York against The Boston Beer Company, Inc. (NYSE: SAM) (“Boston Beer”), charging the company with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, prospects, sales and financial guidelines. Boston Beer’s illicit behavior has caused Boston Beer investors to suffer significant losses as a result of the company’s alleged violations of law.
CLICK HERE TO SUBMIT YOUR BOSTON BEER LOSSES
LEAD PLAINTIFF DEADLINE: November 15, 2021
CLASS PERIOD: April 22, 2021 through September 8, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at email@example.com
BOSTON BEER’S ALLEGED MISCONDUCT
Boston Beer is a high-end alcoholic beverage company that produces hard seltzer, malt beverages, and hard cider at its cidery and under contractual arrangements at other brewery locations. On April 22, 2021, Boston Beer announced its first quarter 2021 financial results and provided full-year 2021 earnings per share guidance, estimated to be between $22 and $26.
The truth began to emerge on July 22, 2021, when, after the market closed, Boston Beer reduced its full year 2021 guidance and reducing its expected earnings per share to be between $18 and $22 stating that it had “overestimated the growth of the hard seltzer category in the second quarter.” Following this news, Boston Beer’s share price fell $246.54, or 26%, to close at $701.00 per share on July 23, 2021.
Then, on September 8, 2021, after the market closed, Boston Beer withdrew its 2021 financial guidance and stated that it “expects to incur hard seltzer-related inventory write-offs, shortfall fees payable to third party brewers, and other costs” for the remainder of fiscal 2021. Following this news, Boston Beer's share price fell $21.09, or 3.7%, to close at $538.31 per share on September 9, 2021.
WHAT CAN I DO?
Boston Beer investors may, no later than November 15, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Boston Beer investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)