A lawsuit was filed on behalf of investors in The Boston Beer Company, Inc. (NYSE:SAM) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/28/2021 -- An investor, who purchased NYSE: SAM shares, filed a lawsuit against The Boston Beer Company, Inc over alleged violations of Federal Securities.
Investors who purchased shares of The Boston Beer Company, Inc. (NYSE: SAM) have certain options and for certain investors are short and strict deadlines running. Deadline: November 11, 2021. NYSE: SAM investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Boston, MA based The Boston Beer Company, Inc. produces and sells alcohol beverages primarily in the United States.
On July 22, 2021, after the market closed, the Boston Beer Company, Inc. reduced its full year 2021 guidance, expecting earnings per share between $18 and $22, down from a prior range of $22 and $26. The Boston Beer Company, Inc. 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 September 8, 2021, after the market closed, the Boston Beer Company, Inc. announced that it was withdrawing its 2021 financial guidance issued on July 22, 2021 as a result of a decrease in demand for its hard seltzer products. The Company further disclosed that it expects to incur hard seltzer-related inventory write-offs, shortfall fees payable to 3rd party brewers, and other costs associated with the drop in demand during the remainder of fiscal year 2021.
Shares of The Boston Beer Company, Inc. (NYSE: SAM) declined from $1,059.04 per share on June 28, 2021, to $510.25 per share on September 9, 2021.
The plaintiff alleges on behalf of purchasers of The Boston Beer Company, Inc. (NYSE: SAM) common shares between April 22, 2021 and September 8, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 22, 2021 and September 8, 2021, the Defendants failed to disclose to investors that Boston Beer's hard seltzer sales were decelerating, that, as a result, Boston Beer was reasonably likely to incur inventory write-offs, that the Company was reasonably likely to incur shortfall fees payable to third party brewers, that, as a result of the foregoing, Boston Beer's financial results would be adversely impacted, and 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.
Those who purchased shares of The Boston Beer Company, Inc. (NYSE: SAM) have certain options and should contact the Shareholders Foundation.
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