Canopy Growth Investors: 7/24/2023 Filing Deadline in Securities Class Action – Contact Lieff Cabraser

SAN FRANCISCO--(BUSINESS WIRE)--National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Canopy Growth Corporation (“Canopy” or the “Company”) who suffered losses from purchasing or otherwise acquiring Canopy securities (NASDAQ: CGC) between May 31, 2022 and May 10, 2023 to contact us immediately regarding pending securities fraud class action against Canopy. The deadline to apply to be a lead plaintiff is July 24, 2023.

Class Period: May 31, 2022 – May 10, 2023

Lead Plaintiff Motion Deadline: July 24, 2023

Case information: lieffcabraser.com/securities/canopy

Contact us: Email or text [e-mail] or call 1-800-541-7358

Canopy produces and sells a diverse range of cannabis, hemp, and consumer packaged goods products for use in both medical and recreational applications.

The securities class action alleges that Canopy made false and/or misleading statements and/or failed to disclose that: (1) there were material weaknesses in Canopy’s internal controls over financial reporting; (2) there were problems with Canopy’s reporting related to how it booked its BioSteel Sports Nutrition Inc. (“BioSteel”) sales; and (3) as a result of the foregoing, the Company overstated its revenue.

On May 10, 2023, after the market closed, Canopy announced that it would have to restate its financial statements for the fiscal year ended March 31, 2022 and the last three quarters of fiscal year 2022 and should no longer be relied on. The Company disclosed that an internal review found “certain trends in the booking of sales" by BioSteel and material misstatements in prior financial statements related to BioSteel sales that were accounted for incorrectly. On this news, the price of Canopy stock fell 14.75% to close at $1.04 per share on May 11, 2023 on elevated trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.