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Philadelphia, Pennsylvania--(Newsfile Corp. - October 22, 2021) - Berger Montague is investigating securities fraud allegations against The Boston Beer Company, Inc. ("Boston Beer" or the "Company"). The Firm is investigating these claims on behalf of investors who purchased Boston securities (NYSE: SAM) between April 22, 2021 and September 8, 2021 (the "Class Period").
If you purchased Boston Beer securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at email@example.com or (215) 875-3015, or Michael Dell'Angelo at firstname.lastname@example.org or (215) 875-3080.
Whistleblowers: Anyone with non-public information regarding Boston Beer is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Boston Beer is a high-end alcoholic beverage company that produces hard seltzer, beer, and hard cider at its cidery and under contractual arrangements at other brewery locations.
On July 22, 2021, Boston Beer reduced its full-year 2021 guidance, expecting earnings per share between $18 and $22, adjusted downward from its previously announced 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 declined by $246.54 per share, or 26%, from $947.54 per share to close at $701.00 per share on July 23, 2021.
On September 8, 2021, Boston Beer announced that it was withdrawing its 2021 financial guidance as a result of decreased demand for its hard seltzer products. The Company further disclosed that it expected to incur hard seltzer-related inventory write-offs, shortfall fees payable to third-party brewers, and other costs associated with the drop in demand during the remainder of fiscal year 2021.
On this news, Boston Beer's share price declined $21.09 per share to a closing price of $538.31 on September 9, 2021.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Michael Dell'Angelo, Managing Shareholder
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