Appellate Court Rules in Favor of Boston Beer in 2021 Shareholder Lawsuit

Boston Beer Company executives made “inactionable statement[s] of corporate optimism” about sales of Truly Hard Seltzer during its Q1 and Q2 earnings calls in 2021, negating a lawsuit and subsequent appeal filed by investors who alleged the company misled them about the brand and company’s performance.

A panel of three Second Circuit judges upheld the ruling of the U.S. District Court for the Southern District of New York to dismiss the investors’ appeal, issued in 2022.

George Skelly, attorney for Boston Beer, said in a press release: “We are pleased that the Second Circuit recognized that Boston Beer’s optimistic statements and projections about its Truly hard seltzer product were not actionable under the securities laws.”

Read more here about the lawsuit’s origins.