Canopy Growth Corporation
| Company Name | Canopy Growth Corporation |
| Stock Symbol | CGC |
| Class Period | September 08, 2017 to November 13, 2019 |
| Lead Plaintiff Motion Deadline | January 21, 2020 |
On November 14, 2019, Canopy reported a CA$32.7 million restructuring charge “for returns, return provisions, and pricing allowances primarily related to its softgel and oil portfolio.”
On this news, Canopy’s stock price fell $2.66, or over 14%, to close at $15.84 on November 14, 2019, thereby injuring investors.
The complaint filed in this class action 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, Defendants failed to disclose to investors: (1) that the Company was experiencing weak demand for its softgel and oil products; (2) that as a result, the Company would be forced to take a CA$32.7 million restructuring charge due to poor sales, excessive returns, and excess inventory; and (3) that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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