NEW YORK, Sept. 26, 2019 /PRNewswire/ -- Bernstein
Liebhard, LLP, a nationally acclaimed investor rights law firm,
announces that a securities fraud class action lawsuit has been
filed on behalf of shareholders of Sundial Growers Inc. (NASDAQ:
SNDL) ("Sundial" or the "Company") resulting from allegations that
Sundial issued materially misleading information to the investing
public.
If you purchased Sundial securities, and/or would like to
discuss your legal rights and options please visit Sundial
Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
On August 1, 2019, Sundial closed
its initial public offering ("IPO"), in which it sold 11 million
shares at $13.00 per share for gross
proceeds of $143 million. In the
Registration Statement for the IPO, Sundial represented to
shareholders that it produces "high-quality, consistent
cannabis."
The Defendants made false and misleading statements and/or
failed to disclose that: (1) Sundial failed to supply saleable
cannabis in line with contractual obligations to Zenabis Global
Inc.; (2) due to material quality issues, Zenabis had to return or
reject a total of 554 kg of cannabis to Sundial, valued at
approximately U.S. $1.9 million
(C$2.5 million); and (3) as a result,
defendants statements about Sundials business, operations, and
prospects were materially false and misleading and/or lacked a
reasonable basis at all relevant times.
Just eighteen days later, on August 19,
2019, MarketWatch reported that Zenabis Global Inc., a
cannabis producer, had rejected a shipment of 554 kg of cannabis
from Sundial "because it contained visible mold, parts of rubber
gloves and other non-cannabis material, according to people
familiar with the matter."
Since the IPO Sundial's stock price has fallen substantially
below its IPO price, damaging investors.
If you purchased Sundial securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/sundialgrowersinc-sndl-shareholder-class-action-lawsuit-stock-fraud-178/apply/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than November 25, 2019. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP