If you suffered losses exceeding $100,000 investing in British American Tobacco stock or options between February 9, 2023 and December 6, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/BTI.
There is no cost or obligation to you.
NEW YORK, Feb. 23, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against British American Tobacco p.l.c. (“British American Tobacco” or the “Company”) (NYSE: BTI) and reminds investors of the March 25, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) British American Tobacco materially understated the risks and potential likelihood of an impairment to its Premium American Cigarette Brands as a result of longstanding headwinds and; (2) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On December 6, 2023, British American Tobacco posted an announcement on its website which stated, in pertinent part, “in 2023, we will take an accounting non-cash adjusting impairment charge of around £25bn. This accounting adjustment mainly relates to some of our acquired U.S. combustibles brands, as we now assess their carrying value and useful economic lives over an estimated period of 30 years.”
On this news, the price of the British American Tobacco’s American Depositary Receipts (“ADRs”) fell by $2.68 per ADR, or 8.49%, to close at $31.54 on December 6, 2023.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding British American Tobacco’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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