INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against CannTrust Holdings I...
July 26 2019 - 8:00PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Southern District of New York on behalf of those who acquired
CannTrust Holdings Inc. (“CannTrust” or the “Company”) (NYSE: CTST)
securities during the period from November 14, 2018 to July 12,
2019 (the “Class Period”). Investors have until September 9, 2019
to apply to the Court to be appointed as lead plaintiff in the
lawsuit.
The lawsuit alleges that CannTrust Holdings Inc. made materially
false and/or misleading statements and/or failed to disclose that:
(i) the Company was growing cannabis in its Pelham greenhouse while
applications for regulatory approval were still pending; (ii) the
Company’s Pelham greenhouse did not comply with certain
regulations; (iii) as a result, the Company was reasonably likely
to face an inventory hold by Health Canada until the Pelham
facility becomes compliant with applicable regulations; and (iv) as
a result, the Company’s customers would face shortages and would
likely seek product from CannTrust’s competitors.
CannTrust announced on July 8, 2019 that its greenhouse facility
located in Ontario, Canada, was audited by Health Canada, which
rated it “non-compliant.” Health Canada placed a hold on 5,200
kilograms of dried cannabis allegedly harvested from five
unlicensed rooms. It will hold this cannabis until the Company is
in compliance with regulations. CannTrust also announced it would
hold another 7,500 kilograms of dried cannabis that it says was
also produced in unlicensed rooms. On this news, CannTrust’s stock
price fell $1.11 per share, or 22.5%, to close at $3.83 on July 8,
2019.
If you acquired CannTrust securities during the Class Period,
have information, or would like to learn more about these claims,
please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600,
by email at investigations@kmllp.com, or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190726005458/en/
Kirby McInerney LLP Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com www.kmllp.com
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