Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C. files a securities class action lawsuit against Restaurant Brands International Inc.
ROSELAND, NJ, February 5, 2021 / PRNewswire / – The law firm of Carella Byrne Cecchi Olstein Brody & Agnello, PC has filed a class action lawsuit for securities fraud in The United States District Court for the Southern District of Florida v Restaurant Brands International Inc. (NYSE: QSR) (“Restaurant Brands”) on behalf of those who have bought or acquired common stock in Restaurant Brands April 29, 2019, and October 28, 2019including (the “Class Period”). The action is labeled Paul J. Graney v. Restaurant Brands International Inc. et al., Case No. 1: 21-cv-20508 (the “Graney Action”).
A class action lawsuit is pending against Restaurant Brands The United States District Court for the Southern District of new York. This first-time lawsuit gave notice of its filing under federal securities laws on December 21, 2020what triggered the deadline from February 19, 2021to any investor who has purchased Restaurant Brands common stock in order to apply for appointment as the Class Lead Prosecutor. Filing the Graney action does not change anything February 19, 2021 Deadline of the lead plaintiff. For more information or to learn how to participate in this litigation, please contact Carella Byrne Cecchi Olstein Brody & Lamb, PC: Zach Bower, Esq. (973) 994-1700 or by email at [email protected].
Restaurant Brands is a Canadian company headquartered in Toronto, Ontario, Canadaand is one of the world’s largest restaurant chains with over 27,000 Tim Hortons, Burger King and Popeyes restaurants in more than 100 countries and US territories. On April 24, 2018, Restaurant Brands announced a new strategy to improve the performance of its Tim Hortons brand. In particular, the Winning Together Plan would focus on three key pillars: restaurant experience; Product quality; and brand communication. Then further 20th March 2019, Restaurant Brands announced “Tim’s Rewards” – a new loyalty program for Tim Horton’s customers in Canada. As part of the Tims Rewards program, customers receive free hot coffee, hot tea or baked goods after every seventh visit to a participating Tim Hortons restaurant. On April 10, 2019, Restaurant Brands announced that the Tims Rewards program is expanding to include customers The United States.
The lesson begins on April 29, 2019ended when Restaurant Brands released its financial results for the first quarter March 31, 2019 with the SEC. Among other things, Restaurant Brands recorded system-wide sales growth of 0.5% for Tim Hortons compared to the previous year with system-wide sales of $ 1.547 billion. The complaint alleges that throughout the class, the defendants repeatedly touted the implementation and execution of Restaurant Brands’ Winning Together Plan and Tims Rewards loyalty programs. Shortly after Restaurant Brands touted the benefits of these initiatives, the company closed two stock offers August 12, 2019, and 5th September 2019which together result in a revenue of about $ 3 billion to insiders.
However, the reality about the implementation of the “Winning Together Plan” and “Tims Rewards” loyalty program from Restaurant Brands was revealed on October 29, 2019 when the company announced disappointing third quarter financial results September 30, 2019. Among other things, Restaurant Brands reported a system-wide drop in sales of 0.1% year-on-year for Tim Hortons, which corresponds to a sales decline of 1.4% in the same store $ 1.774 billion. Following the news, Restaurant Brands common shares fell $ 2.59 per share or approximately 4% of a closing price of $ 68.45 per share on October 25, 2019to close at $ 64.86 per share on October 28, 2019.
The complaint filed alleges that throughout the classroom, the defendants misrepresented and / or failed to disclose: (1) Restaurant Brands’ Winning Together Plan failed to bring about any material, sustained improvement in the Tim Hortons brand. (2) The “Tims Rewards” loyalty program did not lead to sustained sales growth, as increased customer traffic could not compensate for the discounts. and (3) as a result, Defendants’ assertions about the business, operations and prospects of Restaurant Brands were unfounded.
Restaurant brands investors can do so at the latest February 19, 2021, try to be appointed as the lead plaintiff representative of the class through Carella Byrneor another lawyer or may choose to do nothing and remain a class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Carella, Byrne, Cecchi, Olstein, Brody and Agnello, PC, founded in 1976, is a leading law firm in the New Jersey – New York metropolitan area, serving a diverse clientele ranging from small businesses to Fortune 500 companies. For more information on Carella, Byrne, Cecchi, Olstein, Brody and Agnello, PC, please visit www.carellabyrne.com.
Zach Bower, Esq.
Carella, Byrne, Cecchi, Olstein,
Brody & Agnello, PC
2222 Ponce de Leon, 3rd floor
Coral Gables, Florida 33134
Phone: (973) 994-1700
E-mail: [email protected]
SOURCE Carella, Byrne, Cecchi, Olstein, Brody & Agnello, PC