INVESTOR ALERT: Edelson Lechtzin LLP Urges Canopy Growth Corporation (NASDAQ: CGC) Shareholders with Substantial Losses to Consider Seeking Leadership in the Securities Fraud Class Action
NEWTOWN, PA, June 5, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of Canopy Growth Corporation (“Canopy Growth” or the “Company”) (NASDAQ: CGC) common stock between May 31, 2021, and May 10, 2023, inclusive (the “Class Period”).
Investors who purchased Canopy Growth Corporation common stock may move the U.S. District Court for the Southern District of New York to appoint them as lead plaintiff, no later than July 24, 2023. Current holders of Canopy Growth stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the complaint can be viewed HERE.
Background on Canopy Growth Corporation
Based in Smiths Falls, Ontario, Canopy Growth is a global cannabis company and consumer packaged goods (“CPG”) organization. They sell a wide range of cannabis, hemp, and CPG products for recreational and medical use.
The Securities Fraud Claims
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose to investors that: (i) there were material weaknesses in the Company’s internal controls over accounting and financial reporting; (ii) as a result, the Company improperly booked sales of its BioSteel business unit; and (iii) as a result, the Company’s revenue was overstated.
On May 10, 2023, after the market closed, Canopy Growth announced that its audited financial statements for the year ended March 31, 2022, and the quarters ended June 30, 2022, September 30, 2022, and December 31, 2022, should no longer be relied upon and would need to be restated. The Company also disclosed that it “identified certain trends in the booking sales by the [BioSteel] business unit for further review.” On this news, Canopy Growth’s stock price fell $0.18, or 14.8%, to close at $1.04 per share on May 11, 2023, on unusually heavy trading volume.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Web: www.edelson-law.com
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.