In This Article:
RADNOR, PA / ACCESSWIRE / November 13, 2021 / The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a class action lawsuit has been filed against The Boston Beer Company, Inc. (NYSE:SAM) ("Boston Beer"), charging the company with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, prospects, sales and financial guidelines. Boston Beer's illicit behavior has caused Boston Beer investors to suffer significant losses as a result of the company's alleged violations of law.
IF YOU ARE HAVING TROUBLE VIEWING THE VIDEO ABOVE, PLEASE CLICK HERE
CLICK HERE TO SUBMIT YOUR BOSTON BEER LOSSES
LEAD PLAINTIFF DEADLINE: November 15, 2021
CLASS PERIOD: April 22, 2021 through September 8, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS: James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at info@ktmc.com
BOSTON BEER'S ALLEGED MISCONDUCT
Boston Beer is a high-end alcoholic beverage company that produces hard seltzer, malt beverages, and hard cider at its cidery and under contractual arrangements at other brewery locations. On April 22, 2021, Boston Beer announced its first quarter 2021 financial results and provided full-year 2021 earnings per share guidance, estimated to be between $22 and $26.
The truth began to emerge on July 22, 2021, when, after the market closed, Boston Beer reduced its full year 2021 guidance and reducing its expected earnings per share to be between $18 and $22 stating that it had "overestimated the growth of the hard seltzer category in the second quarter." Following this news, Boston Beer's share price fell $246.54, or 26%, to close at $701.00 per share on July 23, 2021.
Then, on September 8, 2021, after the market closed, Boston Beer withdrew its 2021 financial guidance and stated that it "expects to incur hard seltzer-related inventory write-offs, shortfall fees payable to third party brewers, and other costs" for the remainder of fiscal 2021. Following this news, Boston Beer's share price fell $21.09, or 3.7%, to close at $538.31 per share on September 9, 2021.
WHAT CAN I DO?
Boston Beer investors may, no later than November 15, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer& Check, LLP encourages Boston Beer investors who have suffered significant losses to contact the firm directly to acquire more information.