SAN DIEGO, CA / ACCESSWIRE / September 21, 2021 / Robbins Geller Rudman & Dowd LLP announces that purchasers of The Boston Beer Company, Inc. (NYSE: SAM) securities between April 22, 2021 and September 8, 2021, inclusive (the "Class Period") have until November 15, 2021 to seek appointment as lead plaintiff. The Boston Beer class action lawsuit charges Boston Beer, certain of its top executives, and a director with violations of the Securities Exchange Act of 1934. The Boston Beer class action lawsuit, (Siegel v. The Boston Beer Company, Inc., No. 21-cv-07693) was commenced on September 14, 2021 in the Southern District of New York and is assigned to Judge Vernon S. Broderick.
If you wish to serve as lead plaintiff of the Boston Beer class action lawsuit, please provide your information by clicking here. You can also contact attorney Michael Albert of Robbins Geller by calling 800/449-4900 or via e-mail at malbert@rgrdlaw.com. Lead plaintiff motions for the Boston Beer class action lawsuit must be filed with the court no later than November 15, 2021.
CASE ALLEGATIONS: The Boston Beer class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Boston Beer's hard seltzer sales were decelerating; (ii) as a result, Boston Beer was reasonably likely to incur inventory write-offs; (iii) Boston Beer was reasonably likely to incur shortfall fees payable to third-party brewers; (iv) consequently, Boston Beer's financial results would be adversely impacted; and (v) thus, defendants' positive statements about Boston Beer's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On July 22, 2021, Boston Beer reduced its full year 2021 guidance, expecting earnings per share between $18 and $22, down from a prior range of $22 and $26. In doing so, 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, Boston Beer's share price fell 26%.
Then, on September 8, 2021, Boston Beer withdrew its 2021 financial guidance, citing decelerating sales of hard seltzer products. Boston Beer 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 an additional 3.7%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Boston Beer securities during the Class Period to seek appointment as lead plaintiff in the Boston Beer class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Boston Beer class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Boston Beer class action lawsuit. An investor's ability to share in any potential future recovery of the Boston Beer class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs' firm. Please visit http://www.rgrdlaw.com for more information.
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
Michael Albert, 800-449-4900
malbert@rgrdlaw.com
SOURCE: Robbins Geller Rudman & Dowd LLP
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