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Lawsuit filed in the US for Investors in shares of Cronos Group Inc. (NASDAQ: CRON)

03-17-2020 10:22 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Cronos Group Inc. (NASDAQ: CRON) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Cronos Group Inc. (NASDAQ: CRON) shares over alleged securities laws violations.

An investor, who purchased shares of Cronos Group Inc. (NASDAQ: CRON), filed a lawsuit over alleged violations of Federal Securities Laws by Cronos Group Inc., formerly known as PharmaCan Capital Corp.

Investors who purchased shares of Cronos Group Inc. (NASDAQ: CRON), should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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 January 21, 2020 to as low as $5.14 per share on March 3, 2020.
According to the complaint the plaintiff alleges on behalf of purchasers of Cronos Group Inc. (NASDAQ: CRON) common shares between May 9, 2019, and March 2, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 9, 2019, and March 2, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that Cronos had engaged in significant transactions for which its revenue recognition was inappropriate, that the foregoing would foreseeably necessitate reviews that would delay the Company's ability to timely file its periodic reports, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

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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