NEW YORK, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire is investigating certain officers and directors of Grubhub, Inc. (GRUB), Molson Coors Brewing Company (TAP), and PriceSmart, Inc. (PSMT) on behalf of stockholders. More information about each potential case can be found at the link provided.
Grubhub, Inc. (GRUB)
On July 11, 2019, the New York Post reported that a New York City council member, Mark Gjonaj, asked New York’s Attorney General to commence an antitrust probe of Grubhub in a letter dated July 2, 2019. Gjonaj stated that the “time may have come” for the Attorney General to revisit the terms of a 2013 settlement agreement that cleared the way for Grubhub’s acquisition of Seamless. He also stated “that Grubhub’s outsized market share and heavy-handed tactics could lead to artificially reduced competition which in turn may drive up the commissions paid by struggling locally owned restaurants.”
The Post also reported that, “In June, the City Council held a hearing on how Grubhub charges fees as high as 30% for its services and questioned Grubhub executives about The Post’s reports that the company charged restaurants thousands of dollars in commissions for phone orders that never happened.”
Additionally, the Post reported that “New York’s Liquor Authority was developing new rules that will significantly curb the delivery industry’s ability to charge double-digit percentages for online ordering and delivery.”
For more information on our investigation into Grubhub go to: https://bespc.com/grub
Molson Coors Brewing Company (TAP)
On February 12, 2019 Molson Coors announced that it would restate its financial results for fiscal years 2016 and 2017 after its audit committee found errors in Molson Coors’s financial reporting. Following the disclosure, Molson Coors stock price fell more than 7% in pre-market trading and continued to fall sharply during intraday trading on February 12, 2019, eventually closing at $59.01 per share.
For more information on our investigation into Molson Coors go to: https://bespc.com/molson
PriceSmart, Inc. (PSMT)
On May 22, 2019 a class action complaint was filed against PriceSmart for violations of the Federal Securities Laws.
The complaint filed in the class action alleges throughout the class period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the company’s omni-channel business strategy had failed to reach key operating goals; (2) that the company’s South America distribution strategy had failed to realize key cost saving goals; (3) that the company had invested Trinidad and Tobago dollars into certificates of deposits with financial institutions; (4) that these investments had been improperly classified as cash and cash equivalents; (5) that the relevant corrections would materially impact financial statements; (6) that there was a material weakness in the company’s internal controls over financial reporting; (7) that increasing competition negatively impacted the company’s revenue and profitability; and (8) 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.
For more information on our investigation into PriceSmart go to: https://bespc.com/PSMT
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.