NEW YORK, Oct. 06, 2021 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating claims of violations of federal securities laws on behalf of investors of The Boston Beer Company Inc. (“Boston Beer” or the “Company”) (NYSE: SAM). If you are a shareholder of The Boston Beer Company, Inc. with more than $50,000 in losses, you should contact the Firm.
On July 22, 2021, Boston Beer reduced its full year 2021 guidance, advising that it expected earnings per share between $18.00 and $22.00, down from a prior range of $22.00 to $26.00. The Company cited softer-than-expected sales in the hard seltzer category and overall beer industry and stated that it had "overestimated the growth of the hard seltzer category in the second quarter."
On this news, Boston Beer's stock price fell $246.54 per share, or 26%, to close at $701.00 per share on July 12, 2021.
Then, on September 8, 2021, Boston Beer announced that it was withdrawing its 2021 financial guidance issued on July 22, 2021 because of a decrease in demand for its hard seltzer products. The Company further disclosed that it expects 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 stock price fell $21.09 per share, or 3.77%, to close at $538.31 per share on September 8, 2021.
If you are a shareholder of Boston Beer, and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7256 or via email at investigations@lowey.com.
Whistleblowers: Persons with non-public information regarding Boston Beer should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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Lowey Dannenberg P.C.
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Tel: (914) 733-7256
Email: investigations@lowey.com
