Trulieve Cannabis Corp.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (OTC BB: TCNNF) securities during the period from September 25, 2018 through December 17, 2019 (the “Class Period”). Investors have until February 28, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit..
The lawsuit alleges that the Company failed to disclose that: (i) Trulieve overstated its mark-up on its biological assets; (ii) therefore, Trulieve’s reported gross profit was inflated; and (iii) Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers’ husband.
On December 17, 2019, Grizzly Research published a report alleging that Trulieve had failed to disclose: (i) real estate transactions with insiders; (ii) that rather than high-quality indoor production, the vast majority of the Company’s cannabis was produced in low quality hoop houses; and (iii) the Company’s markup on biological assets was excessive and unreasonable. On this news, the price of Trulieve shares fell $1.51, or 12.6%, to close at $10.40 per share on December 17, 2019.
If you acquired Trulieve 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 email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.