Restaurant Brands International, Inc
|Company Name||Restaurant Brands International, Inc|
|Class Period||April 29, 2019 to October 28, 2019|
|Lead Plaintiff Motion Deadline||February 19, 2021|
Restaurant Brands is a Canadian corporation with over 27,000 Tim Hortons, Burger King, and Popeyes restaurants in more than 100 countries and U.S. territories.
On October 28, 2019, the Company announced disappointing financial results for the third quarter ending September 30, 2019. Specifically, 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 3.8%, to close at $65.86 per share on October 28, 2019, thereby injuring investors.
The complaint filed 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) Restaurant Brands' “Winning Together Plan” was failing to generate substantial, sustainable 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, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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