PHILADELPHIA--(BUSINESS WIRE)--Kaskela Law LLC announces that an investor class action lawsuit has been filed against Sundial Growers Inc. (“Sundial” or the “Company”) (Nasdaq: SNDL) on behalf of investors.
Sundial investors who purchased shares of the Company’s stock between August 1, 2019 and August 16, 2019 are encouraged to contact Kaskela Law LLC at (888) 715–1740, or online at http://kaskelalaw.com/case/sundial-growers-inc/, for additional information about this action and their legal rights and options.
On or about August 1, 2019, Sundial completed its initial public offering (“IPO”) of stock, selling 11 million shares of stock to investors at $13.00 per share.
Approximately two weeks later, on August 16, 2019, MarketWatch published an article entitled “Wall Street’s latest billion-dollar pot company had a half-ton of bad weed returned as it was going public.” According to the article, “[t]he newest cannabis company on Wall Street, Sundial Growers Inc., sold a half ton of pot that was returned by corporate buyer Zenabis Global Inc. because it contained visible mold, parts of rubber gloves and other non-cannabis material, according to people familiar with the matter. … The company included a number of risks around inventory spoilage in its IPO filing but did not include a reference to a half ton of returned cannabis.”
Shares of Sundial’s stock have declined over $8.00 per share, or over 60% in value, from the time of the Company’s IPO less than three months earlier.
IMPORTANT DEADLINE: Sundial investors may, no later than November 25, 2019, seek to be appointed as a lead plaintiff of the investor class. Investors are encouraged to contact Kaskela Law LLC prior to the deadline to receive additional information about this action.
Kaskela Law LLC exclusively represents investors in securities fraud and shareholder rights litigation in state and federal actions. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.