HEXO LOSSES ALERT: Bernstein Liebhard LLP Encourages Investors with Losses to Contact the Firm & Reminds Investors of the Rap...
December 26 2019 - 10:50AM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, reminds investors of the deadline to file a motion for lead
plaintiff in a securities class action has been filed on behalf of
investors that purchased or acquired the securities of HEXO Corp.,
Inc. ("HEXO" or the "Company") (NYSE: HEXO) between January 25,
2019 and November 15, 2019, (the "Class Period"). The lawsuit filed
in the United States District Court for the Southern District of
New York alleges violations of the Securities Exchange Act of
1934.
If you purchased HEXO securities, and/or would like to
discuss your legal rights and options please visit HEXO
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, as well as failed to disclose material
adverse facts about the Company's business, operations, and
prospects. Specifically, the Complaint alleges Defendants failed to
disclose to investors that: (1) HEXO's reported inventory was
misstated as the Company was failing to write down or write off
obsolete product that no longer had value; (2) HEXO was engaging in
channel-stuffing in order to inflate its revenue figures and meet
or exceed revenue guidance provided to investors; (3) HEXO was
cultivating cannabis at its facility in Niagara, Ontario that was
not appropriately licensed by Health Canada; and (4) that, as a
result of the foregoing, Defendants' positive statements about the
Company's business, operations, and prospects were materially
misleading and/or lacked a reasonable basis.
The truth emerged through a series of disclosures occurring
between Oct. 4, 2019 and Nov. 15, 2019, when the Company announced
that was producing cannabis in a section of its Niagara facility
that was not properly licensed with Health Canada. As a result of
these disclosures, the value of HEXO stock has consistently
decreased, damaging investors.
If you purchased HEXO securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/hexocorp-hexo-shareholder-class-action-lawsuit-stock-fraud-226/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 27, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191226005065/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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