RADNOR, Pa., July 16, 2019 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against CannTrust Holdings Inc. (NYSE: CTST) (“CannTrust”) on behalf of those who purchased or otherwise acquired CannTrust securities between November 14, 2018 and July 5, 2019, inclusive (the “Class Period”).
Important Deadline: Investors who purchased or otherwise acquired CannTrust securities during the Class Period may, no later than September 9, 2019, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please visit www.ktmc.com/canntrust-holdings-inc-securities-class-action.
According to the complaint, CannTrust is a licensed producer and distributor of medical and recreational cannabis.
The Class Period commences on November 14, 2018, when CannTrust announced its third quarter 2018 financial results in a press release.
According to the complaint, on July 8, 2019, CannTrust disclosed that its greenhouse facility in Pelham, Ontario is non-compliant with certain regulations, and that CannTrust was growing cannabis in unlicensed rooms between October 2018 and March 2019.
The complaint alleges that, throughout the Class Period, the defendants failed to disclose to investors that: (1) CannTrust was growing cannabis in its Pelham greenhouse while applications for regulatory approval were still pending; (2) CannTrust’s Pelham greenhouse did not comply with certain regulations; (3) as a result, CannTrust was reasonably likely to face an inventory hold by Health Canada until the Pelham facility becomes compliant with applicable regulations; (4) as a result, CannTrust’s customers would face shortages and would likely seek product from CannTrust’s competitors; and (5) as a result of the foregoing, the defendants’ positive statements about CannTrust’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
If you wish to discuss this securities fraud class action lawsuit or have any questions concerning this notice or your rights or interests with respect to this litigation, please contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (844) 887-9500 (toll free) or (610) 667–7706, or via e-mail at info@ktmc.com.
CannTrust investors may, no later than September 9, 2019, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
(610) 667-7706
info@ktmc.com