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 Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (OTC: TCNNF) securities between September 25, 2018 and December 17, 2019, inclusive (the “Class Period”). Trulieve investors have until February 28, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Trulieve 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 howardsmith@howardsmithlaw.com.
On December 17, 2019, Grizzly Research published a report alleging that most of the Company’s cultivation space comes from “hoop houses that produce low quality output,” that there were extensive ties between Trulieve and ongoing FBI investigations into corruption, that the Company’s initial license approval “stinks of corruption,” and that the Company engaged in undisclosed related party transactions.
On this news, Trulieve’s share price fell $1.51, or more than 12%, to close at $10.40 per share on December 17, 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 Trulieve overstated its mark-up on its biological assets; (2) that Trulieve's reported gross profit was inflated; (3) that Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers' husband; and (4) 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 Trulieve 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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