Case Background:
This is a federal securities class action brought on behalf of all persons and entities who purchased or otherwise acquired CannTrust Holdings Inc. (“CannTrust” or the “Company”) securities between June 26, 2018 and September 17, 2019, both dates inclusive (the “Class Period”). On July 10, 2019, the initial complaint in this securities class action was filed against CannTrust Holdings and certain of CannTrust’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint 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, the complaint alleges that Defendants failed to disclose to investors that: (1) the Company was growing cannabis in its Pelham greenhouse while applications for regulatory approval were still pending; (2) the Company’s Pelham greenhouse did not comply with certain regulations; (3) as a result, the Company was reasonably likely to face an inventory hold by Health Canada until the Pelham facility becomes compliant with applicable regulations; (4) as a result, the Company’s customers would face shortages and would likely seek product from CannTrust’s competitors; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
On December 26, 2023, Lead Plaintiff filed a Notice of Voluntary Dismissal which was granted by the Court on December 28, 2023. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.