<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="NEW YORK, March 19, 2020 /PRNewswire/ — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Cronos Group Inc. ("Cronos" or the "Company") (NASDAQ: CRON). A complaint has been filed against the Company on behalf of investors that purchased Cronos securities between May 9, 2019 and March 2, 2020.” data-reactid=”12″>NEW YORK, March 19, 2020 /PRNewswire/ — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Cronos Group Inc. (“Cronos” or the “Company”) (NASDAQ: CRON). A complaint has been filed against the Company on behalf of investors that purchased Cronos securities between May 9, 2019 and March 2, 2020.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On February 24, 2020, Cronos stated that it would delay its fourth quarter and full fiscal year 2019 earnings release and conference call, previously scheduled for February 27, 2020.” data-reactid=”13″>On February 24, 2020, Cronos stated that it would delay its fourth quarter and full fiscal year 2019 earnings release and conference call, previously scheduled for February 27, 2020.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On this news, Cronos' share price fell $0.78 per share, about 10.9%, to close at $6.37 per share on February 24, 2020. ” data-reactid=”14″>On this news, Cronos’ share price fell $0.78 per share, about 10.9%, to close at $6.37 per share on February 24, 2020.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Then, on March 2, 2020, after the market closed, Cronos disclosed that it had requested a 15-day extension for filing a complete Annual Report on Form 10-K with the SEC for its fourth quarter and fiscal year 2019. Cronos attributed the delay to a "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."” data-reactid=”15″>Then, on March 2, 2020, after the market closed, Cronos disclosed that it had requested a 15-day extension for filing a complete Annual Report on Form 10-K with the SEC for its fourth quarter and fiscal year 2019. Cronos attributed the delay to a “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.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On this news, Cronos' share price fell an additional $0.70 per share, or 11.63%, to close at $5.32 per share on March 3, 2020.” data-reactid=”16″>On this news, Cronos’ share price fell an additional $0.70 per share, or 11.63%, to close at $5.32 per share on March 3, 2020.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Cronos had engaged in significant transactions for which its revenue recognition was inappropriate; (ii) the foregoing would foreseeably necessitate reviews that would delay the Company’s ability to timely file its periodic reports; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Post-class period, on March 17, 2020, Cronos announced that its previously issued financial statements for the first, second and third quarters of 2019 should no longer be relied upon and will be restated.” data-reactid=”18″>Post-class period, on March 17, 2020, Cronos announced that its previously issued financial statements for the first, second and third quarters of 2019 should no longer be relied upon and will be restated.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="If you are a member of the proposed Class, you may move the court no later than May 11, 2020 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.” data-reactid=”19″>If you are a member of the proposed Class, you may move the court no later than May 11, 2020 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.
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="Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:” data-reactid=”21″>Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]” data-reactid=”22″>Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4700
Fax: (415) 772-4707
E-mail: [email protected]” data-reactid=”23″>Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4700
Fax: (415) 772-4707
E-mail: [email protected]
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="View original content:http://www.prnewswire.com/news-releases/investor-alert-kaplan-fox-announces-investigation-of-cronos-group-inc-301027215.html” data-reactid=”35″>View original content:http://www.prnewswire.com/news-releases/investor-alert-kaplan-fox-announces-investigation-of-cronos-group-inc-301027215.html
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="SOURCE Kaplan Fox & Kilsheimer LLP” data-reactid=”36″>SOURCE Kaplan Fox & Kilsheimer LLP
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