Canopy Growth Corporation
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired Canopy Growth Corporation (“Canopy Growth” or the “Company”) (NYSE: CGC) securities during the period from September 8, 2017 through November 13, 2019 (the “Class Period”). Investors have until January 21, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Canopy Growth failed to disclose that: (i) the Company was experiencing weak demand for its softgel and oil products; and (ii) 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.
On November 14, 2019, Canopy Growth announced its earnings results for the second quarter of fiscal year 2020, including a larger-than-expected loss for the quarter and that the Company would be modifying its retail pricing architecture and taking a CA$32.7 million restructuring charge. On this news, the price of Canopy Growth shares fell $2.36, or 12.9%, to close at $15.84 on November 14, 2019.
If you acquired Canopy Growth securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.