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 iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (OTC: ITHUF) common stock between May 14, 2018 and April 6, 2020, inclusive (the “Class Period”). iAnthus investors have until June 15, 2020 to file a lead plaintiff motion.
Investors suffering losses on their iAnthus 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 email@example.com.
On April 6, 2020, iAnthus disclosed that it had failed to make certain interest payments, citing the "decline in the overall public equity cannabis markets, coupled with the extraordinary market conditions that began in Q1 2020 due to the novel coronavirus." iAnthus also revealed an internal investigation regarding related party transactions involving the Company's Chief Executive Officer, Hadley Ford.
On this news, the Company's share price fell $0.29, or over 62%, to close at $0.179 per share on April 6, 2020, on unusually heavy trading volume.
The complaint alleges that Defendants failed to disclose that they had the ability to withhold use of the interest payment escrow or that the interest escrow payment was exhausted, diminished, or otherwise unavailable to satisfy the Company's March 31, 2020 interest payment obligations.
If you purchased iAnthus common stock, 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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