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NEW YORK, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, reminds investors that a class action lawsuit has been filed against The Boston Beer Company, Inc. (“Boston Beer” or the “Company”) (NYSE: SAM) and certain of its officers and directors, alleging violations of federal securities laws. If you purchased Boston Beer stock or securities between April 22, 2021 and September 8, 2021, inclusive (the “Class Period”), you are encouraged to contact Scott+Scott attorney Rhiana Swartz at (844) 818-6980, or at email@example.com for more information.
Boston Beer is a high-end alcoholic beverage company that produces hard seltzer, malt beverages (i.e. beers), and hard cider at its cidery and under contractual arrangements at other brewery locations.
On September 8, 2021, after the market closed, Boston Beer issued a press release with a financial guidance update. Specifically, the Company withdrew its previously issued 2021 financial guidance, which it had issued on July 22, 2021, citing decelerating sales of hard seltzer products. Boston Beer stated that it expects to incur write-offs of hard seltzer inventory, shortfall fees payable to third party brewers, and other costs.
On this news, the price of Boston Beer common stock fell $21.09, or 3.7%, to close at $538.31 per share on September 9, 2021.
The lawsuit alleges that Boston Beer and the other Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects; specifically that: (1) Boston Beer’s hard seltzer sales were decelerating; (2) as a result, Boston Beer was reasonably likely to incur inventory write-offs; (3) the Company was reasonably likely to incur shortfall fees payable to third party brewers; and, (4) as a result of the foregoing, Boston Beer’s financial results would be adversely impacted.
What You Can Do
If you purchased Boston Beer stock or other securities between April 22, 2021 and September 8, 2021, and you wish to discuss this lawsuit, please contact attorney Rhiana Swartz at (844) 818-6980, or at firstname.lastname@example.org. The deadline for lead plaintiff motions is November 15, 2021.
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, Amsterdam, Connecticut, Virginia, California, and Ohio.