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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 Aurora Cannabis, Inc. (NYSE: ACB) ("Aurora" or the "Company") securities between February 13, 2020 and September 4, 2020 inclusive (the "Class Period").
All investors who purchased shares of Aurora Cannabis, Inc. 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 or join the case on our website, www.whafh.com.
If you  have  incurred  losses  in  the  shares of Aurora Cannabis, Inc.. you may, no later than December 1, 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 Aurora Cannabis, Inc.
On February 6, 2020 , shortly before the start of the Class Period, Aurora issued a press release announcing, inter alia, a "business transformation plan," to "better align the business financially with the current realities of the cannabis market in Canada while maintaining a sustainable platform for long-term growth." Specifically, the press release touted that the plan was "expected to include significant and immediate decreases in selling, general & administrative ("SG&A") expenses and capital investment plans."
On September 8, 2020 , the Company announced that it expected to record up to $1.8 billion in goodwill impairment charges in fourth quarter 2020. According to Aurora's press release, these charges included "up to $90 million " in fixed asset impairment charges "due to production facility rationalization, and a charge of approximately $140 million in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand."
On this news, the Company's stock price fell $0.99 per share, or more than 11%, to close at $7.52 per share on September 8, 2020 .
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
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
