SAN DIEGO & DENVER--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Molson Coors Brewing Company (NYSE: TAP) filed a shareholder derivative complaint against the company's officers and directors for alleged breaches of fiduciary duties and unjust enrichment. Molson Coors manufactures, markets, and sells beer and other malt beverage products in the United States and internationally.
View this information on the law firm's Shareholder Rights Blog:
Molson Coors Accused of Misrepresenting Its Financial Condition
According to the complaint, Molson filed several financial reports with the U.S. Securities and Exchange Commission attesting that the documents fairly represented the financial condition of the company and that the company's internal controls were effective. It came as a surprise to investors when Molson revealed on February 12, 2019, that its financial statements for the years ended December 31, 2016 and December 31, 2017, should be restated because the company found a material weakness in its internal control over financial reporting. The company cited errors in the accounting for income taxes related to the deferred tax liabilities for its partnership in MillerCoors, LLC. As a result, Molson would need 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. On this news, Molson's stock fell over 9% to close at $59.19 per share on February 12, 2019, and has yet to recover.
Molson Coors Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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