NEW YORK, NY / ACCESSWIRE / September 21, 2021 / Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion no later than November 15, 2021 in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of The Boston Beer Company, Inc. ("Boston Beer" or the "Company") (NYSE:SAM) from April 22, 2021 through September 8, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Act of 1934.
If you purchased Boston Beer securities, and/or would like to discuss your legal rights and options please visit The Boston Beer Company Inc Shareholder Class Action Lawsuitor contact Rujul Patel toll free at (877) 779-1414 or [email protected]
According to the complaint, Boston Beer issued materially false and/or misleading statements and failed to disclose adverse facts pertaining to the Company's business, operations, and prospects. Boston Beer specifically failed to disclose to investors: (1) that Boston Beer's hard seltzer sales were decelerating; (2) that, as a result, Boston Beer was reasonably likely to incur inventory write-offs; (3) that the Company was reasonably likely to incur shortfall fees payable to third party brewers; (4) that, as a result of the foregoing, Boston Beer's financial results would be adversely impacted; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On July 22, 2021 after the market closed, the Company reduced its full year 2021 guidance, expecting earnings per share between $18 and $22, down from a prior range of $22 and $26. Boston Beer cited softer-than-expected sales in the hard seltzer category and overall beer industry and also stated that it had "overestimated the growth of the hard seltzer category in the second quarter."
On this news, the price of Boston Beer shares 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, after the market closed, the Company withdrew its 2021 financial guidance, citing decelerating sales of hard seltzer products. The Company 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, Boston Beer'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.
If you wish to serve as lead plaintiff, you must move the Court no later than November 15, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Boston Beer securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/thebostonbeercompanyinc-sam-shareholder-class-action-lawsuit-fraud-stock-438/apply/ or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE: Bernstein Liebhard LLP