BENSALEM, Pa.–(BUSINESS WIRE)–
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Law Offices of Howard G. Smith reminds investors of the upcoming January 21, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Canopy Growth Corporation (“Canopy” or the “Company”) (NYSE: CGC) securities between June 21, 2019 and November 13, 2019, inclusive (the “Class Period”).” data-reactid=”12″>Law Offices of Howard G. Smith reminds investors of the upcoming January 21, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Canopy Growth Corporation (“Canopy” or the “Company”) (NYSE: CGC) securities between June 21, 2019 and November 13, 2019, inclusive (the “Class Period”).
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Investors suffering losses on their Canopy investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].” data-reactid=”13″>Investors suffering losses on their Canopy investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On November 14, 2019, Canopy reported a CA$32.7 million restructuring charge “for returns, return provisions, and pricing allowances primarily related to its softgel and oil portfolio.”
On this news, Canopy’s stock price fell $2.66, or over 14%, to close at $15.84 per share on November 14, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company was experiencing weak demand for its softgel and oil products; (2) 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 (3) that as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="If you purchased Canopy securities during the Class Period, you may move the Court no later than January 21, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.” data-reactid=”17″>If you purchased Canopy securities during the Class Period, you may move the Court no later than January 21, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="View source version on businesswire.com: https://www.businesswire.com/news/home/20191203005873/en/” data-reactid=”20″>View source version on businesswire.com: https://www.businesswire.com/news/home/20191203005873/en/
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