NEW YORK , Dec. 28, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Restaurant Brands International Inc. ("Restaurant Brands" or the "Company") (NYSE: QSR) from April 29, 2019 through October 28, 2019 (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Restaurant Brands securities, and/or would like to discuss your legal rights and options please visit Restaurant Brands Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com
The complaint alleges that the Defendants' Shelf Registration Statements featured false and/or misleading statements and/or failed to disclose that: (1) Restaurant Brands' "Winning Together Plan" was failing to generate substantial 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, the Defendants' statements about Restaurant Brands' business, operations, and prospects lacked a reasonable basis.
On October 28, 2019 , the Company announced disappointing financial results for the third quarter. 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 approximately 4%, to close at $65.86 per share on October 28, 2019 .
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 . A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Restaurant Brands securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/restaurantbrandsinternational-qsr-shareholder-class-action-lawsuit-fraud-stock-348/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP