Molson Coors Brewing Company (TAP) Accused of Misrepresenting Its Financial Condition

According to the filed shareholder derivative complaint, since 2017, Molson Coors Brewing Company (TAP) attested to the accuracy of its financial reporting and internal control over financial reporting.  Therefore, it came as a surprise to investors when Molson revealed in February 2019 that its financial statements for the years ended December 31, 2016 and December 31, 2017, would be restated because the company found a material weakness in its internal control over financial reporting.  The company cited errors in the accounting for income taxes related to the deferred tax liabilities for its partnership in MillerCoors, LLC.  As a result, Molson would need to increase its deferred tax liabilities and deferred tax expense by $399.1 million, with a corresponding decrease in net income and earnings per share.  On this news, Molson's stock fell over 9% to close at $59.19 per share on February 12, 2019, and has yet to recover.

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