Investors with losses are encouraged to contact the firm before February 19, 2021; click here to submit trade information
LOS ANGELES, Jan. 20, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Restaurant Brands International, Inc. (NYSE: QSR) investors that acquired shares between April 29, 2019 through October 28, 2019. Investors have until February 19, 2021 to seek an active role in this litigation.
On October 28, 2019, the Company announced disappointing financial results for the third quarter ending September 30, 2019. Specifically, Restaurant Brands and its executives acknowledged that “results at Tim Hortons were not where we want them to be with global comparable sales dipping into negative territory” and admitted that “discounting [associated with Tims Rewards] is slightly more than offsetting the traffic levels,” leading to “softness in sales.”
On this news, the Company’s stock price fell $2.59, or 3.8%, to close at $65.86 per share on October 28, 2019, thereby injuring investors.
The complaint filed alleges that 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 that: (1) Restaurant Brands' “Winning Together Plan” was failing to generate substantial, sustainable improvement within the Tim Hortons brand; (2) the “Tims Rewards” loyalty program was not generating sustainable revenue growth as increased customer traffic was not offsetting promotional discounting; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 19, 2021.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.