IMMINENT SHAREHOLDER DEADLINE: Aurora Cannabis Inc. Sued for Violations of the Federal Securities Laws; Investors Who Lost Money Should Contact Block & Leviton LLP
On September 8, 2020, Aurora Cannabis Inc. (NYSE:ACB) stunned the market when it announced that it expected to record up to $1.8 billion in goodwill impairment charges in the fourth quarter of 2020. On the same day, Aurora also announced a charge of approximately $140 million in the carrying value of certain inventory, and that it was appointing a new chief executive officer. On this news, Aurora’s stock fell approximately 11.6% in just one day. Since May 2020, Aurora’s stock is down approximately $10.00 per share
A lawsuit alleging violations of federal securities laws has been filed against Aurora and certain of its officers and directors. The suit alleges, among other things, that Aurora misled investors as to the value of prior acquisitions, that the Company had experienced degradation in certain assets, and that as a result, it was foreseeable that Aurora would record significant goodwill and asset impairment charges. According to the lawsuit, this news was so shocking because Aurora had previously lauded a “business transformation plan” that would purportedly “better align the business financially with the current realities of the cannabis market.”
The lawsuit was filed in the U.S. District Court for the District of New Jersey, and is captioned Lawless v. Aurora Cannabis Inc., et al., No. 20-cv-13819.
If you purchased or acquired shares of Aurora Cannabis between February 13, 2020 and September 4, 2020 and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at firstname.lastname@example.org, or at https://www.blockleviton.com/cases/acb. The deadline to move the Court to be appointed lead plaintiff is December 1, 2020.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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SOURCE: Block & Leviton LLP
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