SAN DIEGO & DENVER--(BUSINESS WIRE)--
Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Molson Coors Brewing Company (TAP) filed a derivative complaint against the company's directors and officers for breach of fiduciary duties. Molson Coors manufactures, markets, and sells beer and other malt beverages.
If you suffered a loss as a result of Molson Coors' misconduct, click here.
Molson Coors Brewing Company (TAP) Accused of Misleading Investors
According to the derivative complaint, in October 2016, Molson Coors reported the successful completion of its acquisition of SABMiller plc's 58% stake in MillerCoors LLC, making Molson Coors the third largest global brewer and the sole owner of MillerCoors. Following the acquisition, Molson Coors' officers and directors issued a series of misleading filings with the SEC, including its 2016 and 2017 Form 10-Ks that attested to Molson Coors' accuracy of financial reporting, the disclosure of any material changes to its internal control over financial reporting, and provided a comprehensive income of $2.125 billion for each respective period. Then, on February 12, 2019, Molson Coors announced that all of its previously issued financial statements for 2016 and 2017 needed to be restated and could no longer be relied upon as a result of errors in the accounting for income taxes related to deferred tax liabilities for MillerCoors. On this news, Molson Coors' stock price fell 9.44% to close at $59.19 per share. The stock currently trades at $50.36 per share and Molson Coors has been named a defendant in a federal securities fraud suit, potentially damaging investors further.
Molson Coors Brewing Company (TAP) Shareholders Have Legal Options
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