NEW YORK, Aug. 31, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. is investigating potential claims against Sundial Growers, Inc. (NASDAQ:SNDL) and Pintec Technology Holdings, Ltd. (PT) on behalf of investors. More information about each potential case can be found at the link provided.
Sundial Growers, Inc. (NASDAQ:SNDL)
Our investigation concerns potential violations of federal securities laws pursuant to the company’s August 2019 initial public offering (“IPO”). In the Registration Statement for the IPO, the company stated that it produces “high-quality, consistent cannabis.”
On August 14, 2019, cannabis producer Zenabis Global, Inc. revealed that “[c]ertain third-party producers failed to supply saleable cannabis in line with contractual obligations. Due to quality issues, Zenabis had to return or reject a total of 554 kg of cannabis from a third-party.”
On August 19, 2019, MarketWatch published an article revealing that Sundial had sold the cannabis to Zenabis. The article also stated that the cannabis was returned “because it contained visible mold, parts of rubber gloves and other non-cannabis material, according to people familiar with the matter.” The same day, Sundial confirmed that it was resolving an “isolated immaterial matter between Sundial and [a] Licensed Producer.”
Since the IPO, Sundial’s shares have traded as low as $7.86 per share, or nearly 40% below the $13 IPO price.
For more information on our investigation into Sundial, go to: https://bespc.com/SNDL
Pintec Technology Holdings, Ltd. (PT)
Our investigation concerns potential violations of federal securities laws pursuant to the company’s October 2018 initial public offering (“IPO”). On October 25, 2018 Pintec held it’s IPO, offering shares at $11.88. Since its IPO, Pintec stock has plummeted, and currently trades at just $3.45, or less than 30% of its IPO Price.
For more information on our investigation into Pintec, go to: https://bespc.com/PT
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.