Scott+Scott Attorneys at Law LLP Investigating Molson Coors Brewing Company’s Directors and Officers for Breach of Fiduciary Duties – TAP
NEW YORK – Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is investigating whether certain directors and officers of Molson Coors Brewing Company (“Molson Coors” or the “Company”) (NYSE: TAP) breached their fiduciary duties to the Company and its shareholders. Following Molson Coors’s recent disclosure that it will restate its 2016 and 2017 financial statements, Molson Coors shares declined nearly 10% in value. If you are a Molson Coors shareholder, you may have legal claims against the Company.
Scott+Scott is investigating whether members of Molson Coors’s board of directors made, or allowed Molson Coors to make, false and/or misleading statements and/or failed to disclose that: (1) Molson Coors failed to properly reconcile the outside basis deferred income tax liability for Molson Coors’s investment in its MillerCoors, LLC partnership; (2) consequently, Molson Coors misreported net income in its consolidated financial statements for the fiscal years ending December 31, 2016 and December 31, 2017, resulting in an overall downward revision to net income; (3) Molson Coors lacked adequate internal controls over financial reporting; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.On February 12, 2019, Molson Coors disclosed that it identified certain errors in connection with the Company’s acquisition of its remaining interest in MillerCoors, LLC in the fourth quarter of 2016. As a result, Molson Coors has concluded that the Company’s previously issued 2016 and 2017 consolidated financial statements were misstated. Further, Molson Coors has disclosed that it will restate its 2016 and 2017 financial statements and intends to “increase its deferred tax liabilities and deferred tax expense by $399.1 million, with a corresponding decrease in net income and earnings per share.” The release of this news triggered a nearly 10% decline in the value of Molson Coors shares.
What You Can Do
If you are a Molson Coors shareholder and wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or at firstname.lastname@example.org.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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