- September 15, 2021
- Posted by: Mainframe Consulting
- Category: Business Wire
BOSTON BEER SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against The Boston Beer Company, Inc. – SAM
NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 15, 2021 to file lead plaintiff applications in a securities class action lawsuit against The Boston Beer Company, Inc. (NYSE: SAM), if they purchased the Company’s securities between April 22, 2021 and September 8, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased securities of Boston Beer and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-sam/ to learn more. If you wish to serve as a lead plaintiff in the class action, you must petition the Court by November 15, 2021.
About the Lawsuits
Boston Beer and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 22, 2021, post-market, the Company disclosed a reduced full year 2021 guidance, from a prior range of earnings per share of between $22 and $26 to between $18 and $22 due to softer-than-expected sales in the hard seltzer category and overall beer industry and also that it had “overestimated the growth of the hard seltzer category in the second quarter.” On this news, the Company’s share price fell $246.54, or 26%, to close at $701.00 per share on July 23, 2021, on unusually heavy trading volume.
On September 8, 2021, post-market, the Company withdrew its 2021 financial guidance due decelerating sales of hard seltzer products, and also stated that it “expects to incur hard seltzer-related inventory write-offs, shortfall fees payable to 3rd party brewers, and other costs” for the remainder of fiscal 2021. On this news, the Company’s share price fell $21.09, or 3.7%, to close at $538.31 per share on September 9, 2021, on unusually heavy trading volume.
The case is Siegel v. The Boston Beer Company, Inc., et al., 21-cv-7693.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Published at Wed, 15 Sep 2021 22:32:00 +0000