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Lawsuit filed for Investors in shares of Canopy Growth Corporation (NYSE: CGC)

12-03-2019 06:02 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Canopy Growth Corporation (NYSE: CGC) shares over alleged securities laws violations

A lawsuit was filed on behalf of investors in Canopy Growth Corporation (NYSE: CGC) shares over alleged securities laws violations

An investor, who purchased shares of Canopy Growth Corporation (NYSE: CGC), filed a lawsuit over alleged violations of Federal Securities Laws by Canopy Growth Corporation.

Investors who purchased shares of Canopy Growth Corporation (NYSE: CGC) have certain options and for certain investors are short and strict deadlines running. Deadline: January 20, 2020. NYSE: CGC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Canada based Canopy Growth Corporation, together with its subsidiaries, engages in engages in production, distribution, and sale of cannabis in Canada.

On November 14, 2019, Canopy Growth Corporation (NYSE: CGC) announced its financial results for the second quarter of fiscal year 2020. Among other results, Canopy reported revenue that fell below the lowest analyst estimate and an EBITDA loss of C$155.7 million, which one analyst described as “astounding.” Canopy Growth Corporation further advised investors that it was unlikely to meet its previous revenue guidance of C$250 million by the fiscal fourth quarter.

Shares of Canopy Growth Corporation (NYSE: CGC) declined from $52.60 per share in April 2019 to as low as $13.81 per share on November 19, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Canopy Growth Corporation (NYSE: CGC) common shares between June 21, 2019 and November 13, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 21, 2019 and November 13, 2019, the defendants made false and/or misleading statements and/or failed to disclose that the Company was experiencing weak demand for its softgel and oil products, that as a result, the Company would be forced to take a CA$32.7 million restructuring charge due to poor sales, excessive returns, and excess inventory, and that due to the foregoing, defendants’ statements about Canopy’s receivables, business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Canopy Growth Corporation (NYSE: CGC) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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