Press release
Investigation announced for Investors in Cronos Group Inc. (NASDAQ: CRON) over potential Securities Laws Violations
An investigation for investors in Cronos Group Inc. (NASDAQ: CRON) shares over potential securities laws violations.
Investors who purchased shares of Cronos Group Inc. (NASDAQ: CRON), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Cronos Group Inc. (NASDAQ: CRON) concerning whether a series of statements by Cronos Group Inc. (NASDAQ: CRON regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Canada based Cronos Group Inc., formerly known as PharmaCan Capital Corp., is a principal investment firm.
On Feb. 24, 2020, Cronos Group Inc announced, without explanation, it would not be (i) timely filing its Q4 and FY 2019 earnings release and (ii) hosting a conference call with investors previously scheduled for Feb. 27, 2020. In response, the price of Cronos shares sharply fell.
On Mar. 2, 2020, Cronos Group Inc revealed the existence of "a continuing review by the Audit Committee of the Company's Board of Directors, with the assistance of outside counsel and forensic accountants, of several bulk resin purchases and sales of products through the wholesale channel and the appropriateness of the recognition of revenue from those transactions." The Company further stated it expects to report for FY 2019: (1) a material inventory write-down; (2) a material decrease in gross profit; and, (3) a material increase in operating loss. This news caused the price of Cronos shares sharply decline during after-hours trading.
Shares of Cronos Group Inc. (NASDAQ: CRON) declined from $9.00 per share on Janaury 21, 2020 to as low as $5.14 per share on March 3, 2020.
Those who purchased shares of Cronos Group Inc. (NASDAQ: CRON) 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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