New York, New York--(Newsfile Corp. - October 4, 2019) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Sundial Growers Inc. (NASDAQ: SNDL) ("Sundial" or the "Company") of the November 25, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Sundial stock or options pursuant and/or traceable to the Company's August 1, 2019 initial public offering ("IPO") and would like to discuss your legal rights, click here: www.faruqilaw.com/SNDL. There is no cost or obligation to you.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Sundial securities pursuant and/or traceable to the Company's August 1, 2019 IPO. The case, Huang v. Sundial Growers Inc. et al., No. 19-cv-08913 was filed on September 25, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Sundial failed to supply saleable cannabis in line with contractual obligations to Zenabis Global Inc.; (2) due to material quality issues, Zenabis had to return or reject a total of 554 kg of cannabis to Sundial, valued at approximately U.S. $1.9 million (C$2.5 million); and (3) as a result, defendants' statements about Sundial's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Since Sundial's IPO, the Company's share price has declined from its IPO price of $13.00 by approximately 60%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sundial's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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