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CANOPY GROWTH CORPORATION INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey against Canopy Growth Corporation

LEAD PLAINTIFF DEADLINE IS JANUARY 21, 2020

NEW YORK, Nov. 21, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of investors that purchased or acquired the securities of Canopy Growth Corporation (CGC) from June 21, 2019 through November 13, 2019, inclusive (the “Class Period”).

All investors who purchased shares of Canopy Growth Corporation and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of Canopy Growth Corporation, you may, no later than January 21, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Canopy Growth Corporation.    

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According to the filed complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

  • the Company was experiencing weak demand for its softgel and oil products;
     
  • as a result, the Company would be forced to take a CA$32.7 million restructuring
    charge due to poor sales, excessive returns, and excess inventory; and
     
  • due to the foregoing, defendants’ statements about Canopy’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, Canopy announced another disappointing 2Q 2020 earnings, blaming the poor results on inventory write-offs and restructuring charges for product returns, return provisions and pricing allowances.  Canopy’s CEO Mark Zekulin said he would be stepping down once a replacement was found.

This news sent the price of Canopy Growth shares down over 14% on November 14, 2019, closing at $15.84.

On Nov. 14, 2019, Canopy announced another disappointing 2Q 2020 earnings, blaming the poor results on inventory write-offs and restructuring charges for product returns, return provisions and pricing allowances.  Canopy’s CEO Mark Zekulin said he would be stepping down once a replacement was found.

This news sent the price of Canopy Growth shares plummeting over 14% on November 14, 2019.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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