NEW ORLEANS, Jan. 26, 2024 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until March 25, 2024 to file lead plaintiff applications in a securities class action lawsuit against British American Tobacco p.l.c (“BA Tobacco” or the “Company”) (NYSE: BTI), if they purchased or otherwise acquired the Company’s securities between February 9, 2023 and December 6, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.
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BA Tobacco investors should visit us at https://claimsfiler.com/cases/amex-bti/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
BA Tobacco and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 6, 2023, the Company disclosed that it was taking a 25 billion Pound (around $31.5 billion USD) impairment on the cigarette brands it had acquired from Reynolds American Inc. in early 2017 due to “macro-economic headwinds impacting the U.S. combustibles industry,” which The Wall Street Journal referred to as “one of the biggest corporate write-offs in recent history,” noting the Company’s statement that its performance in the U.S. had been hindered by smokers switching to cheaper, nonpremium brands.
On this news, the price of BA Tobacco’s American Depositary Receipts fell $2.68 per share, or 8.88%, to close at $28.86 per ADR on December 6, 2023.
The case is David v. British American Tobacco p.l.c., et al., No. 24-cv-00517.
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ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
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