Lawsuit filed for Investors in shares of Champignon Brands Inc. (OTC: SHRMF)

An investor, who purchased shares of Champignon Brands Inc. (OTC: SHRMF), filed a lawsuit over alleged violations of Federal Securities Laws by Champignon Brands Inc.

Investors who purchased shares of Champignon Brands Inc. (OTC: SHRMF) have certain options and for certain investors are short and strict deadlines running. Deadline: June 9, 2021. OTC: SHRMF investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Canada based Champignon Brands Inc. cultivation, distribution, and proliferation of medicinal mushrooms and its derivatives in North America.

On February 17, 2021, Champignon Brands Inc. announced that “the Company has determined to withdraw and refile its condensed interim consolidated financial statements and management’s discussion & analysis (‘MD&A’) for the three and six month periods ended March 31, 2020”. Further, Champignon Brands Inc. stated that “management determined that the financial statements needed to be restated to correct the accounting for the Acquisitions as the assets do not meet the definition of intangible assets for the purposes of international financial reporting standards and as result will be recorded as transaction costs in the Company’s statement of loss and comprehensive loss.” The Company also announced that “it was determined that a shareholder and contracted consultant (the ‘Consultant’) of the Company was a related party with respect to the Acquisitions.”

The plaintiff claims that between March 27, 2020 and February 17, 2021, the defendants made false and/or misleading statements and/or failed to disclose that Champignon Brands Inc. had undisclosed material weaknesses and insufficient financial controls, that Champignon Brands Inc’s previously issued financial statements were false and unreliable, that Champignon Brands Inc’s earlier reported financial statements would need to be restated, that Champignon Brands Inc’s acquisitions involved an undisclosed related party, that as a result of the foregoing and subsequent reporting delays and issues, the British Columbia Securities Commission would suspend Champignon’s from trading, and that as a result, defendants’ statements about Champignon’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times

Those who purchased shares of Champignon Brands Inc. (OTC: SHRMF) have certain options and should contact the Shareholders Foundation.

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 lawsuits, 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.

This release was published on openPR.