Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Canopy Growth Corporation

12/13/2019, 5:00 PM (Source: GlobeNewswire)

LOS ANGELES, Dec. 13, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 21, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Canopy Growth Corporation (“Canopy” or the “Company”) (NYSE: CGC) investors who purchased securities between June 21, 2019 and November 13, 2019, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

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 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.

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If you purchased Canopy securities during the Class Period, you may move the Court no later than January 21, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. 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 the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

 

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