Kessler Topaz Meltzer & Check, LLP Reminds Restaurant Brands International Inc. Investors of Important Deadline in Securities Fraud Class Action Lawsuit
RADNOR, Pa., Jan. 7, 2021 (GLOBE NEWSWIRE) – The law firm of Kessler Topaz Meltzer & Check, LLP is reminding investors of Restaurant Brands International Inc. (NYSE: QSR) (“Restaurant Brands”) of a security fraud class in the US A lawsuit has been filed against Restaurant Brands in District Court for the southern borough of New York on behalf of those who have bought or otherwise acquired Restaurant Brands common stock between April 29, 2019 and October 28, 2019including (the “Class Period”).
Memory: Investors who have bought or otherwise acquired Restaurant Brands common stock during class time, no later than February 19, 2021try to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please click 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. On March 20, 2019, Restaurant Brands announced “Tims Rewards” – a new loyalty program for Tim Hortons 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 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 over year, representing a 1.4% decline in revenue in the same store with system-wide revenue 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’ statements about the business, operations and prospects of Restaurant Brands were unfounded.
If you would like to discuss this class action lawsuit for securities fraud, or if you have any questions about this notice or your rights or interests in relation to this litigation, please contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. Or Adrienne Bell) , Esq.) At (844) 887-9500 (toll free) or (610) 667-7706 or by email at firstname.lastname@example.org.
Restaurant Brands Investors Can no later than February 19, 2021, attempt to be appointed plaintiff’s principal representative of the class by Kessler Topaz Meltzer & Check, LLP, or other lawyer, or 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, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other federal and state law violations. Kessler Topaz Meltzer & Check, LLP, is a driving force behind 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). For more information on Kessler Topaz Meltzer & Check, LLP, please visit 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)