NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind 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.
What You May Do
If you purchased securities of BA Tobacco and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-bti/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by March 25, 2024.
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.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850