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British American Tobacco p.l.c.

Company NameBritish American Tobacco p.l.c.
Stock SymbolBTI
Class PeriodFebruary 09, 2023 to December 06, 2023
Lead Plaintiff Motion DeadlineMarch 25, 2024

On December 6, 2023, BAT disclosed that it would take an impairment charge of approximately $31.5 billion after reassessing the value of certain cigarette brands. The Company stated that it had been affected by inflation-weary customers in the U.S. downgrading to cheaper brands.

On this news, BAT’s stock price fell $2.68, or 8.5%, to close at $28.86 per American Depositary Receipts (“ADR”) on December 6, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 various longstanding headwinds and; (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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