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SAN FRANCISCO, Dec. 16, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Aurora Cannabis Inc. (ACB) investors who have suffered losses in excess of $200,000 to submit their losses now to learn if they qualify to recover compensable damages. A securities fraud class action was recently filed against the company and its senior executives. Hagens Berman is investigating whether the fraudulent period extends beyond that alleged in the complaint.
Aurora Cannabis (ACB) Class Action:
The complaint alleges that Defendants misled investors about Aurora Cannabis’ business and prospects.
More specifically, according to the complaint, Defendants misleadingly and repeatedly touted the Company’s continuing revenue ramp quarter-to-quarter. In addition, as recently as Oct. 3, 2019, the Company provided investors a construction update on its operations and growth initiatives, including on its Aurora Sun and Aurora Nordic 2 projects, touting that Aurora continues to progress construction of the “Sky Class” facilities.
But on Nov. 14, 2019, Aurora Cannabis shocked investors when it announced wider than expected losses and that revenue had declined by 24% quarter over quarter. In addition, the cash-strapped Company disclosed it would be halting construction immediately at its Aurora Nordic 2 and Aurora Sun facilities.
MarketWatch reported, “[a]nalysts said that investors had a reason for anger and distrust.” An analyst at Jeffries reportedly noted, “With possible cash pressures evident, announcing ceased construction at facilities despite a press release just 6 weeks ago praising progression, and now EBITDA (and cash) positive looking unlikely this year, it would be fair for investors not to believe them.”
This news sent the price of Aurora Cannabis shares plummeting about 17% on November 15, 2019, the largest single-day percentage decline for Aurora shares in more than five years and the lowest closing price since October 2017.
If you purchased shares of Aurora Cannabis and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
“We’re focused on recovering investors’ losses and whether Aurora Cannabis misled investors about its operations and growth initiatives,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
Whistleblowers: Persons with non-public information regarding Aurora Cannabis should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ACB@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895