NEW YORK, May 31, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers of Canopy Growth Corporation (“Canopy Growth” or the “Company”) securities (NASDAQ: CGC) between May 31, 2022 and May 10, 2023, inclusive (the “Class Period”).
If you acquired Canopy Growth securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than July 24, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
Canopy Growth is a producer, seller and distributor of cannabis products for recreational and medical use, including products sold under the BioSteel Sports Nutrition Inc. (“BioSteel”) brand name.
On May 10, 2023, after the market closed, Canopy Growth announced that its consolidated financial statements for the fiscal year ended March 31, 2022 and the quarters ended June 30, September 30 and December 31, 2022 should no longer be relied upon, and would need to be restated. In connection with this news, the Company disclosed that it “identified certain trends in the booking of sales by the [BioSteel] business unit for further review.” Further, Canopy Growth stated that it currently anticipates that “the BioSteel Review generally will focus on the timing of revenue recognition” and that “the correction of misstatements is expected to reduce certain revenues previously recognized. . . .” Following this news, Canopy Growth shares fell $0.18 per share, or nearly 15%, to close at $1.04 per share on May 11, 2023, on heavy trading volume.
Based on the May 10, 2023 disclosures, the complaint alleges that throughout the Class Period, the Company improperly booked sales of its BioSteel business and overstated its revenue.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
