Shareholder Alert: Robbins LLP Reminds Investors the Lead Plaintiff Deadline is Approaching for Canopy Growth Corp. (CGC)
January 02 2020 - 1:17PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of Canopy Growth Corp. (NYSE: CGC) filed a class action
complaint for alleged violations of the Securities Exchange Act of
1934 between June 21, 2019 and November 13, 2019. Canopy produces,
distributes, and sells cannabis in Canada.
If you suffered a loss as a result of Canopy's misconduct, click
here.
Canopy Growth Corp.'s (CGC) Accused of Misleading
Shareholders
According to the complaint, in June 2019, Canopy filed its Form
6-K with the SEC, touting fourth quarter 2019 sales of CA$42.5
million and fiscal year 2019 sales of CA$85.3 million from its
cannabis oils and softgel capsules, noting that "[o]il and softgel
capsules accounted for 40% of gross revenue in the fourth quarter
of fiscal '19." Then, in August 2019, Canopy released first quarter
2020 cannabis oil and softgel sales of only CA$0.2 million. However
Canopy's CEO assured investors that its "oils and softgel products
remain exceptionally popular." Despite these assurances, in
reality, Canopy was experiencing weak demand for its softgel and
oil products. As a result, on November 14, 2019, Canopy issued a
press release announcing an "astounding" larger-than-expected loss
for the quarter, and a CA$32.7 million restructuring charge to
modify its retail pricing architecture. On this news, Canopy's
share price fell $2.36, or nearly 14.4%, to close at $15.84 per
share.
If you purchased Canopy Growth Corp. (CGC) securities between
June 21, 2019 and November 13, 2019, you have until January 21,
2020, to ask the court to be appointed lead plaintiff for the
class.
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200102005468/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
Canopy Growth (NASDAQ:CGC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Canopy Growth (NASDAQ:CGC)
Historical Stock Chart
From Sep 2023 to Sep 2024