NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against Aurora Cannabis, Inc. (NYSE: ACB) on behalf of Aurora Cannabis stockholders. Our investigation concerns whether Aurora Cannabis has violated the federal securities laws and/or engaged in other unlawful business practices.
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On November 14, 2019, Aurora Cannabis issued a press release reporting its financial results for the first fiscal quarter of 2020 ended September 30, 2019. Among other things, the Company reported a 24% sequential decline in revenues compared to the fourth fiscal quarter of 2019. The Company also announced that it is offering early conversion to holders of convertible debentures due in March 2020, ceasing construction of a facility in Denmark, which is expected to save approximately $80 million over the next 12 months, and deferring construction of a facility in Canada to conserve approximately $110 million of cash.
Also on November 14, 2019, during the conference call to discuss the results, the Company’s CEO said that in the summer distributors “stocked their shelves to the limits and that was maybe a good idea in their minds because they’re not going to have supply issues for the retailers anymore, but it also affected the next quarter in which they didn't buy as much.” Additionally, the Company’s Chief Corporate Officer stated “[w]hat we’re seeing is that we obviously moved an awful lot of product in the previous quarter and so it takes time for them to work through the inventories.”
On this news, Aurora Cannabis’s share price fell 17% on the New York Stock Exchange, to close at $2.73 per share on November 15, 2019. Aurora Cannabis’s shares declined an additional 16.5% the next trading day, to close at $2.28 per share on November 18, 2019.
If you purchased or otherwise acquired Aurora Cannabis shares and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
