NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Sundial Growers Inc. (NASDAQ: SNDL) resulting from allegations that Sundial may have issued materially misleading business information to the investing public.
On August 1, 2019, Sundial closed its initial public offering (“IPO”), in which it sold 11 million shares at $13.00 per share for gross proceeds of $143 million. In the Registration Statement for the IPO, Sundial stated that it produces “produce high-quality, consistent cannabis.” On August 19, 2019, MarketWatch reported that cannabis producer Zenabis Global Inc. had rejected a shipment of 554 kg of cannabis from Sundial “because it contained visible mold, parts of rubber gloves and other non-cannabis material, according to people familiar with the matter.” The same day, Sundial confirmed that it was resolving an “isolated immaterial matter between Sundial and a Licensed Producer.”
Since the IPO, and as a result of the disclosure of material adverse facts omitted from Sundial’s Registration Statement, Sundial’s stock price has fallen substantially below its IPO price, damaging investors.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered Sundial investors. If you purchased shares of Sundial please visit the firm’s website at http://www.rosenlegal.com/cases-register-1669.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at firstname.lastname@example.org or email@example.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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