LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Restaurant Brands International, Inc. (“Restaurant Brands” or the “Company”) (NYSE: QSR) common stock between April 29, 2019 and October 28, 2019, inclusive (the “Class Period”). Restaurant Brands investors have until February 19, 2021 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
Restaurant Brands is a Canadian corporation with over 27,000 Tim Hortons, Burger King, and Popeyes restaurants in more than 100 countries and U.S. territories.
On October 28, 2019, the Company announced disappointing financial results for the third quarter ending September 30, 2019. Specifically, Restaurant Brands and its executives acknowledged that “results at Tim Hortons were not where we want them to be with global comparable sales dipping into negative territory” and admitted that “discounting [associated with Tims Rewards] is slightly more than offsetting the traffic levels,” leading to “softness in sales.”
On this news, the Company’s stock price fell $2.59, or 3.8%, to close at $65.86 per share on October 28, 2019, thereby injuring investors.
The complaint filed alleges that throughout the Class Period, 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, Defendants failed to disclose to investors that: (1) Restaurant Brands' “Winning Together Plan” was failing to generate substantial, sustainable improvement within the Tim Hortons brand; (2) the “Tims Rewards” loyalty program was not generating sustainable revenue growth as increased customer traffic was not offsetting promotional discounting; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Restaurant Brands common stock during the Class Period, you may move the Court no later than February 19, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Restaurant Brands common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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