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CST: 24/08/2019 02:06:30   

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Anheuser-Busch, Teva Pharmaceuticals, FedEx Corporation, and EQT Corporation and Encourages Investors to Contact the Firm

31 Days ago

NEW YORK, July 23, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Anheuser-Busch InBev SA/NV, Teva Pharmaceuticals Ltd., FedEx Corporation, and EQT Corporation. Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Anheuser-Busch InBev SA/NV (NYSE: BUD)

Class Period: March 1, 2018 to October 24, 2018

Lead Plaintiff Deadline: August 20, 2019

The complaint alleges that during the Class Period, defendants made materially false and misleading statements and/or failed to disclose adverse information regarding Anheuser-Busch’s business, operations and prospects. Specifically, defendants failed to disclose, among other things, that cost-cutting measures the Company had put in place had run their course; the devaluation of key emerging market currencies and input cost inflation was having a material adverse effect on the Company’s margins, EBITDA and profitability; Anheuser-Busch had been experiencing less than expected growth and profits in certain key markets; Anheuser-Busch was not going to be able to maintain its then current dividend and still meet its deleveraging targets; and Anheuser-Busch was at risk of having its credit ratings downgraded. As a result of this information being withheld from the market, the price of Anheuser-Busch ADSs was artificially inflated to as high as $117 per ADS during the Class Period.

Then on October 25, 2018, the Company reported its financial results for the quarter and nine-month periods ended September 30, 2018, announcing that it had cut its dividend by 50% to “accelerate deleveraging toward our optimal capital structure of around 2x net debt to EBITDA ratio.” On this news, the price of Anheuser-Busch ADSs declined approximately 9.5%, from $82.25 per ADS to $74.54 per ADS.

For more information on the Anheuser-Busch class action go to: https://bespc.com/Bud

Teva Pharmaceutical Industries, Ltd. (NYSE: TEVA)

Class Period: August 4, 2017 to May 10, 2019

Lead Plaintiff Deadline: August 23, 2019

The complaint, filed on June 21, 2019, alleges that throughout the Class Period, Defendants made false and/or misleading statements denying that Teva "engaged in any conduct that would give rise to liability" in various antitrust proceedings and investigations that enveloped the company. In truth, and as Defendants failed to disclose to investors, (i) contrary to its public denials, Teva had in fact engaged in a vast, industry-wide price-fixing scheme and other collusive misconduct since at least 2012; (ii) Teva was not only a participant, but the company at the heart of the anticompetitive scheme; and (iii) several Teva employees had such deep involvement in the scheme that they would ultimately be named personally as defendants in a sweeping civil enforcement action filed by the AGs of virtually every state in the nation. On December 9, 2018, it was publicly disclosed that the scope of the State AG's investigation had expanded greatly to include 300 drugs and at least 16 companies, exposing "the largest cartel in the history of the United States." On this news, the price of Teva ADS fell $0.97 per share or 5%, to close at $18.44 per share on December 10, 2018. On May 10, 2019, a coalition of 44 states filed a 524-page antitrust complaint revealing previously undisclosed facts regarding Teva's participation in the generic drug price-fixing conspiracy. Among other things, the action detailed Teva's role as a "consistent participant" in the conspiracy, implementing price increases on upwards of 110 generic drugs and colluding with competitors regarding over 85 different generic drugs. On this news, the price of Teva ADS fell $2.13 per share or approximately 15%, to close at $12.23 per share on May 13, 2019.

For more information on the Teva class action go to: https://bespc.com/teva

FedEx Corporation (NYSE: FDX)

Class Period: September 19, 2017 to December 18, 2018

Lead Plaintiff Deadline: August 26, 2019

The complaint, filed on June 26, 2019, alleges that FedEx significantly expanded its international operations through its $4.8 billion acquisition of TNT Express N.V. (TNT), a Netherlands-based logistics company with operations concentrated in Europe. On June 27, 2017, TNTs operations were crippled by a cyberattack known as NotPetya, which involved the spread of a malware virus throughout TNTs systems (the Cyberattack). The timing of the attack was particularly problematic for FedEx, as TNTs systems were paralyzed during the critical period involving the integration of TNT with the Company’s legacy European operations. Throughout the Class Period, Defendants continually assured investors about its recovery from the Cyberattack and that any negative impact from the attack was minimal. For example, Defendants told investors that TNT customer volumes were being restored to pre-attack levels and that despite the cyberattack, the customers stuck with us. Defendants also stated that TNT integration efforts were successfully progressing and continuously stated that FedEx was on track to achieve TNT synergy targets. Notwithstanding these positive representations to the market, Defendants made false and misleading statements and/or failed to disclose that: (1) TNTs overall package volume growth was slowing as TNTs large customers permanently took their business to competitors after the Cyberattack; (2) as a result of the customer attrition, TNT was experiencing an increased shift in product mix from higher-margin parcel services to lower-margin freight services; (3) the anticipated costs and timeframe to integrate and restore the TNT network were significantly larger and longer than disclosed; (4) FedEx was not on track to achieve TNT synergy targets; and (5) as a result of these undisclosed negative trends and cost issues, FedEx positive statements about TNTs recovery from the Cyberattack, integration into FedEx’s legacy operations, customer mix, customer service levels, profitability, and prospects lacked a reasonable basis. The truth about TNTs deteriorating business was revealed through a series of disclosures culminating on December 18, 2018. On that date, FedEx reported a large profit miss for its second fiscal quarter ended November 30, 2018. Defendants attributed the disappointing results to lower package volumes in Europe and a negative shift in TNTs product mix to lower margin freight business following the Cyber-attack which had occurred well over a year ago. The Company also lowered its fiscal 2019 earnings guidance and announced its main TNT synergy target would no longer be achievable by fiscal year 2020. On this news, FedEx stock dropped $22.50 per share, or 12.2 percent, to close at $162.51 per share on December 19, 2018.

For more information on the FedEx class action go to: https://bespc.com/fdx

EQT Corporation (NYSE: EQT)

Class Period: June 19, 2017 to October 24, 2018

Lead Plaintiff Deadline: August 26, 2019

The Complaint, filed on June 26, 2019, alleges that during the Class Period, Defendants falsely stated that EQT's acquisition of Rice, a rival gas producer, would yield billions of dollars in synergies based on purported operational benefits. Specifically, on June 19, 2017, Defendants announced that EQT had entered into an agreement to acquire Rice for $6.7 billion. Defendants represented that because Rice had an acreage footprint largely contiguous to EQT's existing acreage, the acquisition would allow EQT to achieve "a 50% increase in average lateral [drilling] lengths" (as opposed to more traditional vertical well drilling). EQT claimed that as a result, the merger would result in $2.5 billion in synergies, including $100 million in cost savings in 2018 alone. After the closing in November 2017, the Company continued to tout the "significant operational synergies" of the merger. As a result of Defendants' misrepresentations, EQT shares traded at artificially inflated prices throughout the Class Period. On March 15, 2018, just five months after the acquisition closed, EQT announced the sudden and unexpected resignation of its CEO. Then, on October 25, 2018, the Company reported poor third-quarter financial results caused by an increase in total costs and disclosed that its estimated capital expenditures for well development in 2018 would increase by $300 million. As a result, the Company reduced its full year forecast for 2018. These disclosures caused EQT shares to decline by 13%, dropping from a close of $40.46 per share on October 24, 2018 to $35.34 on October 25, 2018.

To learn more about the EQT class action go to: https://bespc.com/eqt

Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes. 

Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com

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