NEW YORK, May 22, 2019 /PRNewswire/ -- WeissLaw LLP, a national class action and shareholders' rights law firm, announces an investigation of Molson Coors Brewing Company. ("Molson Coors" or the "Company) (TAP).
The investigation focuses on possible breaches of fiduciary duty and violations of the Federal securities laws by the Molson Coors Board of Directors in failing to ensure maintenance of an adequate system of internal controls over the Company's operations and financial reporting. In a February 12, 2019 press release, Molson Coors disclosed that its financial reports for the years ended December 31, 2016 and 2017 could no longer be relied on, and will be restated. These adjustments resulted in an aggregate $247.7 million increase to the Company's deferred tax liabilities, and corresponding decrease in retained earnings and total equity as of December 31, 2017. Molson Coors cited "ineffective internal control over financial reporting," and the existence of a material weakness as reasons for its restatements. On that news, Molson Coors' shares tumbled $6.35, or approximately 10%, from their previous day's closing price of $65.36, to trade as low as $59.01.
If you own Molson Coors shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
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WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com.
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