LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming June 15, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (OTC: ITHUF) investors who purchased common stock between May 14, 2018 and April 6, 2020, inclusive (the “Class Period”).
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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.
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If you purchased or otherwise acquired iAnthus securities during the Class Period, you may move the Court no later than June 15, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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