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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 15, 2021 to file lead plaintiff applications in a securities class action lawsuit against The Boston Beer Company, Inc. (NYSE: SAM).
Boston Beer and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 22, 2021, post-market, the Company disclosed a reduced full year 2021 guidance, from a prior range of earnings per share of between $22 and $26 to between $18 and $22 due to softer-than-expected sales in the hard seltzer category and overall beer industry and also that it had “overestimated the growth of the hard seltzer category in the second quarter.” On this news, the Company’s share price fell $246.54, or 26%, to close at $701.00 per share on July 23, 2021, on unusually heavy trading volume.
On September 8, 2021, post-market, the Company withdrew its 2021 financial guidance due decelerating sales of hard seltzer products, and also stated that it “expects to incur hard seltzer-related inventory write-offs, shortfall fees payable to 3rd party brewers, and other costs” for the remainder of fiscal 2021. On this news, the Company’s share price fell $21.09, or 3.7%, to close at $538.31 per share on September 9, 2021, on unusually heavy trading volume.
If you purchased securities of Boston Beer and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or fill out the form on this page.
The case is Siegel v. The Boston Beer Company, Inc., et al., 21-cv-7693.
Click here to read the first filed complaint.