BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Aurora Cannabis Inc. (“Aurora” or the “Company”) (NYSE: ACB) securities between September 11, 2019 and November 14, 2019, inclusive (the “Class Period”). Aurora investors have until January 21, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Aurora investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On November 14, 2019, the Company released an earnings report in which it reported a 24% sequential decline in revenue of C$75.3 versus C$98.9 in the previous quarter. In addition to this decline in revenue, the Company also announced that plans to finalize construction of additional grow facilities in both Denmark and Canada have been delayed.
On this news, the Company’s share price fell $0.56, or nearly 17%, to close at $2.73 per share on November 15, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Aurora’s revenue would decline in its first quarter of fiscal 2020 ended September 30, 2019; (2) that the Company would halt construction on its Aurora Nordic 2 and Aurora Sun facilities; and (3) that as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Aurora securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.