Silver Law Group, a nationally-recognized class action law firm representing investors, is investigating Aurora Cannabis Inc (ACB), a publicly-traded Canadian cannabis producer, on behalf of shareholders of the company’s stock.
Aurora Cannabis is the second-largest marijuana company measured by market capitalization after Canopy Growth Corporation.
A class action lawsuit was filed against Aurora Cannabis for potential violations of federal securities laws. If you have losses with Aurora Cannabis stock, please contact Silver Law Group for a free consultation at email@example.com or toll free at (800) 975-4345 to discuss your options for participating in the class action and recovering your losses.
Aurora Cannabis Inc. (ACB) Alleged To Have Misled Investors
The complaint for the class action alleges that the company and certain of its executives misled investors about the company’s business and prospects.
The company gave updates to investors as recently as October, 2019 about construction and growth initiatives, stating that it was making progress on massive new production facilities in Canada and Denmark, called Aurora Sun and Aurora Nordic 2, respectively.
Aurora Misses On Financial Results
On November 14, 2019 Aurora Cannabis surprised investors when it reported larger than expected losses, 24% quarter over quarter revenue decline, and disclosed that it would be mothballing the Aurora Nordic 2 and Aurora Sun facilities.
Analysts noted that stopping production on facilities it had touted progress on just six weeks ago was not good for trust between investors and the company.
On that bad news, the next day Aurora’s stock declined about 17%, causing significant losses for investors.
Aurora Cannabis became a publicly traded company in July, 2017 on the Toronto Stock Exchange, and on the New York Stock Exchange in October, 2018.
Class Period And Lead Plaintiff Deadline
Investors who purchased shares of Aurora Cannabis between September 11, 2019 to November 14, 2019 (the class period), may be eligible to participate in the lawsuit. The deadline to apply to be lead plaintiff, also known as class representative, is January 21, 2020.
Recovering Money Lost With Aurora Cannabis Inc. (ACB) Stock
If you suffered losses with Aurora Cannabis, we’d like to hear from you. Contact us to discuss your legal rights and potential options to recover your losses.
Cannabis lawsuits have become more common as many cannabis companies fail to meet expectations. Our attorneys handle cannabis litigation for investors as well as disputes over the quality and quantity of CBD or cannabis in various products.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. Our attorneys represent investors in class actions against issuers in state or federal court and investors in securities arbitration claims against Wall Street firms for stockbroker misconduct. Scott Silver is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities investment fraud cases. Please contact Scott Silver of the Silver Law Group for a free consultation at firstname.lastname@example.org or toll free at (800) 975-4345.