NEW YORK, May 14, 2019 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, is investigating whether certain directors and officers of Molson Coors Brewing Company ("Molson Coors" or the "Company") (NYSE: TAP) breached their fiduciary duties to the Company and its shareholders. If you are a Molson Coors shareholder, you are encouraged to contact attorney Joe Pettigrew with Scott+Scott for additional information at (844) 818-6982 or [email protected].
Scott+Scott is investigating whether members of Molson Coors's board of directors made, or allowed Molson Coors to make, false and/or misleading statements and/or failed to disclose that: (i) Molson Coors failed to properly reconcile the outside basis deferred income tax liability for Molson Coors's investment in its MillerCoors, LLC partnership; (ii) consequently, Molson Coors misreported net income in its consolidated financial statements for the fiscal years ending December 31, 2016, and December 31, 2017, resulting in an overall downward revision to net income; (iii) Molson Coors lacked adequate internal controls over financial reporting; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
On February 12, 2019, Molson Coors disclosed that it identified certain errors in connection with the Company's acquisition of its remaining interest in MillerCoors, LLC in the fourth quarter of 2016. As a result, Molson Coors has concluded that the Company's previously issued 2016 and 2017 consolidated financial statements were misstated. Further, Molson Coors has disclosed that it will restate its 2016 and 2017 financial statements and intends to "increase its deferred tax liabilities and deferred tax expenses by $399.1 million, with a corresponding decrease in net income and earnings per share." Following release of this news, Molson Coors shares declined nearly 10% in value.
What You Can Do
If you are a Molson Coors shareholder, you may have legal claims against the Company's directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or [email protected].
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, California, and Ohio.
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