According to the Complaint, Anheuser-Busch is engaged in the production, distribution, and sale of beer, alcoholic beverages, and soft drinks worldwide.
The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements and/or failed to disclose adverse information regarding Anheuser-Busch’s business, operations and prospects. Specifically, the Complaint alleges that Defendants failed to disclose, among other things, that cost-cutting measures the Company had put in place had run their course; the devaluation of key emerging market currencies and input cost inflation was having a material adverse effect on the Company’s margins, EBITDA and profitability; Anheuser-Busch had been experiencing less than expected growth and profits in certain key markets; Anheuser-Busch was not going to be able to maintain its then current dividend and still meet its deleveraging targets; and Anheuser-Busch was at risk of having its credit ratings downgraded. As a result of this information being withheld from the market, the price of Anheuser-Busch ADSs was artificially inflated to as high as $117 per ADS during the Class Period.
On September 12, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on December 12. Defendants filed a Motion to Dismiss the amended Complaint on February 20, 2020. On September 29, the Court issued an Order granting Defendants' Motion to Dismiss.