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BTI.US
id: 927
British American Tobacco (BTI) Unexpected $31.5B Write Off Case
E.D. New York
Court1:24-cv-00517
Case number02/09/2023
Class period Start12/06/2023
Class period End03/25/2024
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
12/06/2023
Filing date
01/24/2024
Lead Plaintiff Deadline
03/25/2024
Judge
Ann M Donnelly