NEW YORK, May 28, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Canopy Growth Corporation (“Canopy” or the “Company”) (NASDAQ: CGC). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Canopy and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 10, 2023, Canopy disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that “management of the Company identified certain trends in the booking of sales by the BioSteel Sports Nutrition Inc. (‘BioSteel’) business unit for further review.” Accordingly, the Company “initiated an internal review of the financial reporting matters related to BioSteel (the ‘BioSteel Review’)” and “preliminarily identified material misstatements . . . related to sales in the BioSteel business unit that were accounted for incorrectly.” Specifically, the Company “concluded that the Company’s (i) audited consolidated financial statements for the fiscal year ended March 31, 2022, included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022 (the ‘2022 10-K’), and (ii) unaudited consolidated financial statements for the quarterly periods ended June 30, 2022, September 30, 2022 and December 31, 2022, included in the Company’s Quarterly Reports on Form 10-Q for such quarterly periods (collectively, the ‘Form 10-Qs’ and together with the 2022 10-K, the ‘Prior Financial Statements’), should no longer be relied upon because of certain material misstatements contained in the Prior Financial Statements. In addition, the reports of the Company’s independent registered public accounting firm included in the 2022 10-K should no longer be relied upon.”
On this news, Canopy’s stock price fell $0.18 per share, or 14.75%, to close at $1.04 per share on May 11, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980