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The Boston Beer Company, Inc.

Securities Class Action

  • Date:
  • 11/15/2021
  • Company Name:
  • The Boston Beer Company, Inc.
  • Stock Symbol:
  • SAM
  • Class Period:
  • FROM 4/22/2021 TO 9/8/2021
  • Status:
  • Filed
  • Filing Date:
  • 9/14/2021
  • Court:
  • U.S. District Court: Southern District of New York

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Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against The Boston Beer Company, Inc. (“Boston Beer” or the “Company”) (NYSE: SAM) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Boston Beer securities between April 22, 20121 and September 8, 2021, both dates inclusive (the “Class Period”). Investors have until November 15, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On July 22, 2021, after the market closed, Boston Beer reduced its full year 2021 guidance, expecting earnings per share between $18 and $22, down from a prior range of $22 and $26. The Company cited softer-than-expected sales in the hard seltzer category and overall beer industry and also stated 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, after the market closed, Boston Beer withdrew its 2021 financial guidance, citing decelerating sales of hard seltzer products. The Company 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.
 
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: (1) that Boston Beer’s hard seltzer sales were decelerating; (2) that, as a result, Boston Beer was reasonably likely to incur inventory write-offs; (3) that the Company was reasonably likely to incur shortfall fees payable to third party brewers; (4) that, as a result of the foregoing, Boston Beer’s financial results would be adversely impacted; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased or otherwise acquired Boston Beer shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Alexandra Raymond by filling out the contact form below.  There is no cost or obligation to you.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in The Boston Beer Company. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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