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KushCo Holdings, Inc.

Company NameKushCo Holdings, Inc.
Stock SymbolKSHB
Class PeriodJuly 13, 2017 to April 09, 2019
Lead Plaintiff Motion DeadlineJuly 01, 2019

On April 9, 2019, KushCo issued a press release that announced the Company's decision to restate prior period financial statements for fiscal years 2017 and 2018 for non-cash items related to acquisitions of CMP Wellness, Summit Innovations and Hybrid Creative.

On this news, shares of KushCo fell $0.45, or nearly 8% to close at $5.35 on April 10, 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) KushCo made material accounting errors in connection with its acquisitions of CMP Wellness, Summit, and Hybrid; (2) as a result, KushCo's previously issued financial statements as of and for the fiscal years ended August 31, 2018 and August 31, 2017, included in the Company's Annual Reports on Form 10-K for such periods, and financial statements as of and for the quarterly periods ended May 31, 2017, November 30, 2017, February 28, 2018, May 31, 2018 and November 30, 2018, included in the Company's Quarterly Reports on Form 10-Q for such periods, could not be relied upon; (3) KushCo's net loss for the fiscal year ended August 31, 2018, was more than twice as high than previously reported; (4) KushCo and its management’s assurances that its financial statements for those fiscal years and periods were accurate and fairly reported could not be relied upon; and (5) as a result, the Company's public statements were materially false and misleading at all relevant times.

 

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