Moore Kuehn, PLLC Encourages Investors of The Boston Beer Company, Inc. to Contact Law Firm

June 14, 2022 11:37 AM EDT | Source: Kuehn Law, PLLC

New York, New York--(Newsfile Corp. - June 14, 2022) - Moore Kuehn, PLLC, a securities law firm located on Wall Street, is investigating potential claims involving directors and officers regarding possible breaches of fiduciary duties related to whether insiders caused their companies to make false and/or misleading statements and/or failed to disclose, among other things, that:

  • The Boston Beer Company, Inc. (NYSE: SAM)

(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, positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

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.

If you currently own SAM and purchased prior to April 22, 2021 please contact Justin Kuehn, Esq. by email at jkuehn@moorekuehn.com or telephone at (212) 709-8245. There is no cost to you. Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers.

Please visit http://www.moorekuehn.com/practice/new-york-shareholder-derivative-litigation/

Attorney advertising. Prior results do not guarantee similar outcomes.

Moore Kuehn, PLLC
Justin Kuehn, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
jkuehn@moorekuehn.com
(212) 709-8245

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127720

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