SAN DIEGO & DENVER–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24TAP&src=ctag” target=”_blank”gt;$TAPlt;/agt; lt;a href=”https://twitter.com/hashtag/ClassAction?src=hash” target=”_blank”gt;#ClassActionlt;/agt;–Shareholder rights law firm Robbins
Arroyo LLP announces that another purchaser of Molson Coors Brewing
Company (NYSE: TAP) filed a shareholder derivative complaint against the
company’s officers and directors for alleged breaches of fiduciary
duties. Molson Coors manufactures, markets, and sells beer and other
malt beverage products in the United States and internationally.
View this information on the law firm’s Shareholder Rights Blog:
https://www.robbinsarroyo.com/molson-coors-brewing-co-may-19/
Molson Coors Accused of Misrepresenting Its Financial Condition
According to the complaint, since 2017, Molson attested to the accuracy
of its financial reporting and internal control over financial
reporting. Therefore, it came as a surprise to investors when Molson
revealed in February 2019 that its financial statements for the years
ended December 31, 2016 and December 31, 2017, would be restated because
the company found a material weakness in its internal control over
financial reporting. The company cited errors in the accounting for
income taxes related to the deferred tax liabilities for its partnership
in MillerCoors, LLC. As a result, Molson would need to increase its
deferred tax liabilities and deferred tax expense by $399.1 million,
with a corresponding decrease in net income and earnings per share. On
this news, Molson’s stock fell over 9% to close at $59.19 per share on
February 12, 2019, and has yet to recover.
Molson Coors Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leonid Kandinov at
(800) 350-6003, [email protected],
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. Sign up for our FREE
portfolio monitoring service, Stock
Watch.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leonid Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San
Diego, CA 92122
[email protected]
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
