NEW YORK, Nov. 22, 2019 /PRNewswire/ -- Bernstein Liebhard,
a nationally acclaimed investor rights law firm, announces that a
securities class action has been filed on behalf of investors that
purchased or acquired the securities of Aurora Cannabis Inc.
("Aurora" or the "Company") (NYSE: ACB) between September 11, 2019 and November 14, 2019, inclusive (the "Class
Period"). The lawsuit filed in the
United States District Court for the District of
New Jersey alleges violations of
the Securities Exchange Act of 1934.
If you purchased ACB securities, and/or would like to discuss
your legal rights and options please visit Aurora Shareholder
Class Action Lawsuit or contact Matthew E.
Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements and/or failed to disclose that: (1) Aurora's
revenue would decline in its first quarter of fiscal 2020 ended
September 30, 2019; (2) the Company
would halt construction on its Aurora Nordic 2 and Aurora Sun facilities; and (3) due to the
foregoing, Defendants' statements about Aurora's receivables,
business, operations, and prospects, were materially false and
misleading and/or lacked a reasonable basis at all relevant
times.
On November 14, 2019, Aurora
announced its first quarter of fiscal 2020 ended September 30, 2019, First Quarter 2020 Results
("Q1 2020 Results") & Corporate Action Plan. As opposed to
statements made and released by Defendants during and after its
first fiscal quarter 2020, Q1 2020 Results showed a CA$23.8
million, or a 25%, sequential decline of sales, well below analyst
estimates. In particular, Aurora's consumer cannabis revenue fell
by 33% sequentially. That same day, Aurora announced an early
conversion window for CA$230 million in convertible debt.
On this news, shares of Aurora fell $0.56 per share or over 17% to close at
$2.73 per share on November 15, 2019, damaging investors.
If you purchased Aurora securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/auroracannabisinc-acb-shareholder-class-action-lawsuit-stock-fraud-224/apply
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than January 21, 2020. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP