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Press release content from Business Wire. The AP news staff was not involved in its creation.

INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of The Boston Beer Company, Inc. (SAM) Investors

September 15, 2021 GMT

BENSALEM, Pa.--(BUSINESS WIRE)--Sep 15, 2021--

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased The Boston Beer Company, Inc. (“Boston Beer” or the “Company”) (NYSE: SAM ) securities between April 22, 2021 and September 8, 2021, inclusive (the “Class Period”). Boston Beer investors have until November 15, 2021 to file a lead plaintiff motion.

Investors suffering losses on their Boston Beer investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

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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.

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If you purchased Boston Beer securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210915005378/en/

CONTACT: Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com

www.howardsmithlaw.com

KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Law Offices of Howard G. Smith

Copyright Business Wire 2021.

PUB: 09/15/2021 02:00 PM/DISC: 09/15/2021 02:02 PM

http://www.businesswire.com/news/home/20210915005378/en