WELLINGTON, Fla., April 03, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action Experience, including cases against ENRON and Halliburton), reminds investors that they have until May 11, 2020 to contact the Firm to learn more about the class action filed against Cronos Group, Inc. (NASDAQ: CRON), and appointment of lead plaintiff.
The Class Action, Jill Witte v. Cronos Group, Inc., et al., Case No.: 20-cv-01310, was filed in the US District Court for the Eastern District of New York on behalf of shareholders who purchased Cronos Group securities between May 9, 2019 and March 2, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages against Cronos and certain executives for alleged violations of federal securities laws. The complaint alleges, in part, that Cronos concealed improperly recognized revenue and misstated the value of its inventory in its financial statements.
On February 24, 2020, Cronos announced it would delay its Q4 2019 earnings, and then roughly three weeks later it announced it would be restating previously issued financial statements for the prior three quarters of 2019. Then, on March 30, 2020, Cronos finally released its restated financials admitting that Cronos over-reported accounts receivable, gross revenues and gross profits before fair value adjustments. In addition, Cronos reported a gross loss of nearly $20.4 million for the fourth quarter.
If you’ve suffered damages from investing in Cronos and would like to discuss your options, including petitioning the court for a leadership position, you may, without obligation, contact Anthony Barbuto, at (888) 715-2520 or via email at anthony@barjolaw.com; or Neil Rothstein at (330) 860-4092 or email at neil@barjolaw.com.
BARJO follows the principles set forth in the case Berger v. Compaq, 257 F.3d 475 (5th Cir, 2001) which states “[c]lass action lawsuits are intended to serve as a vehicle for capable, committed advocates to pursue the goals of the class members through counsel, not for capable, committed counsel to pursue their own goals through the class members.” BARJO believes strongly that the choice of qualified Lead Plaintiff(s) can have a significant impact on the successful outcome of a case.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com