The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against British American Tobacco p.l.c. (BTI)

The Law Offices of Frank R. Cruz reminds investors of the upcoming March 25, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired British American Tobacco p.l.c. (“BAT” or the “Company”) (NYSE: BTI) securities between February 9, 2023 and December 6, 2023, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On December 6, 2023, BAT disclosed that it would take an impairment charge of approximately $31.5 billion after reassessing the value of certain cigarette brands. The Company stated that it had been affected by inflation-weary customers in the U.S. downgrading to cheaper brands.

On this news, BAT’s stock price fell $2.68, or 8.5%, to close at $28.86 per American Depositary Receipts (“ADR”) on December 6, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) British American Tobacco materially understated the risks and potential likelihood of an impairment to its Premium American Cigarette Brands as a result of various longstanding headwinds and; (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired BAT securities during the Class Period, you may move the Court no later than March 25, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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