Press release
Aurora Cannabis Inc. (NYSE: ACB) Investor Alert: Lawsuit alleges Securities Laws Violations
A lawsuit was filed on behalf of investors in Aurora Cannabis Inc. (NYSE: ACB) shares over alleged securities laws violations.
Investors who purchased shares of Aurora Cannabis Inc. (NYSE: ACB) have certain options and for certain investors are short and strict deadlines running. Deadline: December 1, 2020. NYSE: ACB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On September 8, 2020, Aurora Cannabis Inc issued a press release "announc[ing] an update on its business operations along with certain unaudited preliminary fiscal fourth-quarter 2020 results." Among other things, Aurora Cannabis Inc announced that the Company expected to record up to $1.8 billion in goodwill impairment charges in the fourth quarter of 2020. In a separate announcement that same day, Aurora announced the appointment of Miguel Martin as the Company's new Chief Executive Officer.
Shares of Aurora Cannabis Inc fell $0.99 per share, or 11.63%, to close at $7.52 per share on September 8, 2020.
The plaintiff claims that between February 13, 2020, and September 4, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that Aurora had significantly overpaid for previous acquisitions and experienced degradation in certain assets, including its production facilities and inventory, that the Company's purported "business transformation plan" and cost reset failed to mitigate the foregoing issues, that accordingly, it was foreseeable that the Company would record significant goodwill and asset impairment charges, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Aurora Cannabis Inc. (NYSE: ACB) 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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