Molson Coors Brewing Company (NYSE: TAP) stock plummeted after news that an audit of Molson Coors’s financials showed that the company’s accountants had incorrectly calculated its tax liability, resulting in Molson Coors overstating its net profits by $400 million.

If you’re a TAP investor, we can help you seek to recover your losses from Molson Coors for miscalculating its tax liability and misleading investors about its profitability.

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Molson Coors (NYSE: TAP) Stock Drops After Audit Finds Errors in Financial Reporting

On February 12, 2019, Molson Coors announced that it need to revise its financial statements for fiscal years 2016 and 2017 after an audit found material errors in Molson Coors’s financial reporting.  The company (with ticker symbol TAP) reported that the accounting problems arose out of its joint venture with SABMiller. Molson Coors says that its accounting practices understated the amount of its deferred tax liability and income tax expenses. As a result, Coors says that TAP’s net profits were actually $400 million lower than what it had reported for 2016 and 2017.

Following this disclosure, Molson Coors’s stock price fell more than 7% in pre-market trading and continued to decline an additional 3% in the following two days.

chart showing Molson Coors stock price drop
TAP Stock Price

 

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Michael Schrag

Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.

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David Stein

David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.

Amanda Karl

Amanda is spearheading a securities lawsuit against NantHealth concerning fraudulent statements to investors about the success of its key product.

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Gibbs Law Group is a California-based law firm committed to protecting the rights of clients nationwide who have been harmed by corporate misconduct. We represent individuals, whistleblowers, employees, and small businesses across the U.S. against the world’s largest corporations. Our award-winning lawyers have achieved landmark recoveries and over a billion dollars for our clients in high-stakes class action and individual cases involving consumer protection, data breach, digital privacy, and federal and California employment lawsuits. Our attorneys have received numerous honors for their work, including “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” “Best Lawyers in America,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”