The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Dutch Bros, Inc. (“Dutch Bros” or the “Company”) (NYSE: BROS) securities during the period from March 1, 2022 through May 11, 2022 (the “Class Period”). Investors have until May 1, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Dutch Bros operates and franchises drive-thru shops that focus on serving hand-crafted beverages.
On May 11, 2022, the Company issued a press release announcing its financial results for the first quarter of 2022. Therein, the Company reported a net loss of $16.3 million, compared to a net loss of $4.8 million for the first quarter of 2021. The Company also reported an adjusted net loss of $2.5 million (a loss of $0.02 per share), which fell below estimated earnings of $0.01 per share. On this news, the price of Dutch Bros shares declined by $9.26 per share, or approximately 26.94%, from $34.37 per share to close at $25.11 on May 12, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (1) the Company was experiencing increased costs and expenses, including on dairy; and (2) as a result, the Company was experiencing increased margin pressure and decreased profitability in the first quarter of 2022.
If you purchased or otherwise acquired Dutch Bros securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230302005927/en/
Kirby McInerney LLP
Thomas W. Elrod, Esq.