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Case Status:    ONGOING    
On or around 12/21/2020 (Date of last review)

Filing Date: December 21, 2020

According to the Complaint, Restaurant Brands International Inc. is one of the world’s largest restaurant chains with over 27,000 Tim Hortons, Burger King, and Popeyes restaurants in more than 100 countries and U.S. territories as of December 31, 2019.

The Complaint alleges that, throughout the Class Period, the Defendants repeatedly touted the implementation and execution of Restaurant Brands’ Winning Together Plan and Tims Rewards loyalty program. On the heels of Restaurant Brands touting the benefits of these initiatives, the company completed two stock offerings on or about August 12, 2019, and September 5, 2019, collectively resulting in proceeds of approximately $3 billion to insiders. The Complaint further alleges that, throughout the Class Period, the Defendants misrepresented and/or failed to disclose 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, the Defendants’ statements about Restaurant Brands’ business, operations, and prospects lacked a reasonable basis.

COMPANY INFORMATION:

Sector: Services
Industry: Restaurants
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: QSR
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 20-CV-10788
JUDGE: Hon. Valerie E. Caproni
DATE FILED: 12/21/2020
CLASS PERIOD START: 04/29/2019
CLASS PERIOD END: 10/28/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available