According to the Complaint, The Boston Beer Company, Inc. is a high-end alcoholic beverage company that produces hard seltzer, malt beverages (i.e. beers), and hard cider at its cidery and under contractual arrangements at other brewery locations.

The Complaint 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, the Complaint alleges Defendants failed to disclose to investors: (1) that Boston Beer’s hard seltzer sales were decelerating; (2) that, as a result, Boston Beer was reasonably likely to incur inventory write-offs; (3) that the Company was reasonably likely to incur shortfall fees payable to third party brewers; (4) that, as a result of the foregoing, Boston Beer’s financial results would be adversely impacted; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On December 14, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 13, 2022.

Defendants filed a Motion to Dismiss the amended Complaint on March 16, 2022. On December 5, the Court issued an Order granting Defendants' Motion to Dismiss. The Clerk of Court was directed to enter judgment for the Defendants and close the case.

On January 4, 2023, Lead Plaintiff filed a notice appealing the Court's Dismissal Order. On December 15, the Court of Appeals affirmed the ruling of the District Court.