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BTI.US
id: 927

British American Tobacco (BTI) Unexpected $31.5B Write Off Case

E.D. New York
Court
1:24-cv-00517
Case number
09 Feb 2023
Class period Start
06 Dec 2023
Class period End
25 Mar 2024
Lead Plaintiff motion deadline
  • $BTI stockholder filed a claim vs. British American Tobacco for overstating the true book value of its cigarette brands.
  • After the BAT disclosed an impairment charge of $31.5B, $BTI fell 8.5%, losing $6B of shareholder value.
On December 6, 2023, British American Tobacco disclosed that it would take an impairment charge of approximately $31.5B after reassessing the value of certain cigarette brands.

BAT stated that it had been affected by inflation-weary customers in the U.S. downgrading to cheaper brands.

On this news, $BTI fell 8.5% and lost ~$6 billion of its market capitalization, seriously damaging shareholders.

Based on these events, $BTI stockholder filed a claim against British American Tobacco and its leaders:
  • BAT is accused of understating risks to its Premium American Cigarette Brands;
  • This led to investor damages when the true details surfaced, revealing the actual risks.
Considering all the representations, investors have grounds to suspect that BAT was misrepresenting the true book value of its brands.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06 December 2023
Filing date
24 January 2024
Lead Plaintiff Deadline
25 March 2024
Judge
Ann M Donnelly
Collecting participants…

British American Tobacco PLC ADR

British American Tobacco p.l.c. engages in the provision of tobacco and nicotine products to consumers worldwide. It also offers vapour, heated, and modern oral nicotine products; combustible cigar...

    Ticker
    BTI.US
    ISIN
    US1104481072
    Sector
    Consumer Defensive
    Industry
    Tobacco
    Country
    USA
    Address
    Globe House, London, United Kingdom, WC2R 2PG