Kessler Topaz Meltzer & Check, LLP Announces Deadline in Securities Fraud Class Action Lawsuit Filed Against Restaurant Brands International Inc.
Radnor, Pennsylvania – (Newsfile Corp. – February 4, 2021) – Law firm Kessler Topaz Meltzer & Check, LLP is reminding investors of Restaurant Brands International Inc. (NYSE: QSR) (“Restaurant Brands”) of a class of securities fraud the lawsuit has filed filed on behalf of those who purchased or acquired Restaurant Brands common stock between April 29, 2019 and October 28, 2019 inclusive (the “Class Period”).
Shareholder Warning: Investors who have purchased or acquired common shares of Restaurant Brands during the Class Period may apply for appointment as Class Lead Prosecutor no later than February 19, 2021. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by email to firstname.lastname@example.org; or click on https://www.ktmc.com/restaurant-brands-international-inc-securities-class-action?utm_source=PR&utm_medium=link&utm_campaign=restaurant_brands
Restaurant Brands is a Canadian company headquartered in Toronto, Ontario, Canada. It 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 on March 20, 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 was expanding to customers in the United States.
The story goes on
The class period begins on April 29, 2019 when Restaurant Brands filed its financial results with the SEC for the first quarter ended March 31, 2019. Among other things, Restaurant Brands posted system-wide revenue growth of 0.5% year over year for Tim Hortons, with system-wide revenue of $ 1.547 billion. The complaint alleges that throughout the classroom, the defendants repeatedly touted the implementation and execution of Restaurant Brands’ Winning Together Plan loyalty program and Tims Rewards. Shortly after Restaurant Brands touted the benefits of these initiatives, the company closed two stock offerings on or about August 12, 2019 and September 5, 2019, for combined proceeds of approximately $ 3 billion for Insiders.
However, on October 29, 2019, the truth emerged about Restaurant Brands’ implementation of the Winning Together Plan loyalty program and Tims Rewards when the company announced disappointing financial results for the third quarter ended September 30, 2019. Restaurant Brands Tim Hortons, among others, posted a system-wide revenue decline of 0.1% year-on-year – – This represents a 1.4% decrease in sales in the same store versus system-wide sales of $ 1.774 billion. Following the news, the price of Restaurant Brands common stock fell $ 2.59 per share, or approximately 4%, from a closing price of $ 68.45 per share on October 25, 2019 to $ 64.86 per share on October 28, 2019.
The complaint alleges that throughout the classroom, the defendants misrepresented and / or failed to disclose: (1) Restaurant Brands’ Winning Together plan failed to materially improve the Tim Hortons brand. (2) Tims Rewards’ loyalty program did not result in sustained sales growth as increased customer traffic could not offset the discounts. and (3) as a result, Defendants’ assertions about the business, operations and prospects of Restaurant Brands were unfounded.
Restaurant Brands investors may attempt to be appointed as the class lead plaintiff by February 19, 2021 at the latest by Kessler Topaz Meltzer & Check or other attorney, or they may choose to do nothing and remain an absent 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.
Kessler Topaz Meltzer & Check pursues class action lawsuits in state and federal courts across the country that include securities fraud, fiduciary violations, and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force in corporate governance reform and has reclaimed billions of dollars on behalf of institutional and individual investors from the US and around the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). Further information on Kessler Topaz Meltzer & Check can be found at www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
The source version of this press release can be found at https://www.newsfilecorp.com/release/73688