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CGC.US
id: 715
Canopy Growth Corporation (CGC) Case on Misleading
S.D. New York
Court1:23-cv-04302
Case number05/31/2022
Class period Start05/10/2023
Class period End07/22/2023
Lead Plaintiff motion deadline- Canopy Growth disclosed material misstatements in its prior financial statements.
- $CGC lost 14% and $100M+ of its capitalization.
- Investors suspect Canopy Growth & its Leaders of misleading.
On May 10, 2023, Canopy Growth Corporation (CGC) disclosed that it had identified material misstatements in its prior financial statements related to sales in its BioSteel business unit that were accounted for incorrectly.
The company identified misstatements in its audited annual financial Statements for the fiscal year ended March 31, 2022, and its interim financial statements for the quarterly periods ended June 30, 2022, September 30, 2022, and December 31, 2022.
On this news, $CGC lost 14% and $119M of its capitalization, seriously damaging investors.
Taking appeared facts into account, Investors have reasons to suspect Canopy Growth and its Leaders of negligence and misleading which led to investment losses.
Case Status
Dismissed
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05/10/2023
Filing date
05/23/2023
Lead Plaintiff Deadline
07/22/2023
Judge
Hon. Paul A. Engelmayer