HENDERSONVILLE, TN / November 7, 2020/ The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 19 years, announces that a purchaser of Restaurant Brands International Inc. (NYSE: QSR) filed a class action complaint against the Company for alleged violations of the Securities Act of 1933 pursuant to its secondary offerings in August and September 2019. Restaurant Brands’ business consists of Tim Hortons, Burger King and Popeyes, each of which utilizes a similar franchised business model and product platform.
If you suffered a loss due to Restaurant Brands’ misconduct, click here.
Restaurant Brands International (QSR) Misled Shareholders in Connection with its Secondary Offerings
According to the complaint, Restaurant Brands offered 24 million shares at $73.50 per share in its August offering, which gave the controlling stockholders $1.8 billion in proceeds and reduced their stake in the Company from 41% to 36%. In the September offering, the controlling stockholders sold more than 16 million shares at $75.10 each for another $1.3 billion in proceeds. The complaint alleges that the registration statements in support of the offerings were misleading. Specifically, they falsely represented the Company’s growth potential, misleadingly touted the success of the Tims Rewards program, and failed to disclose that frequent data metrics showed the failure of the Tims Reward program in driving sustainable growth. To the contrary, the loyalty program was dragging sales and generated an unreasonable level of discounting that outweighed customer traffic. Thereafter, Restaurant Brands’ 2019 Q3 & Q4 financial results revealed weaker than expected sales and that the loyalty program was not working as expected. Just over a year from the secondary offerings, the stock now trades at just $51.
Restaurant Brand Shareholders Urged to Contact the Firm
If you purchased Restaurant Brand securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to email@example.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely awarded the recognition of American’s Most Honored Lawyers 2020 – Top 1% by the American Registry. Mr. Miles was also recently selected by Martindale-Hubbell® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®,their highest rating for both legal ability and ethics. Mr. Miles is amember of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019-2020). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019); Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).
SOURCE: The Law Offices of Timothy L. Miles
Leading the Fight to Protect Shareholder Rights for Over 19 Years