Trulieve Cannabis Corp.
| Company Name | Trulieve Cannabis Corp. |
| Stock Symbol | TCNNF |
| Class Period | September 25, 2018 to December 17, 2019 |
| Lead Plaintiff Motion Deadline | February 28, 2020 |
On December 17, 2019, Grizzly Research published a report alleging that most of the Company’s cultivation space comes from “hoop houses that produce low quality output,” that there were extensive ties between Trulieve and ongoing FBI investigations into corruption, that the Company’s initial license approval “stinks of corruption,” and that the Company engaged in undisclosed related party transactions.
On this news, Trulieve’s share price fell $1.51, or more than 12%, to close at $10.40 per share on December 17, 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 Trulieve overstated its mark-up on its biological assets; (2) that Trulieve's reported gross profit was inflated; (3) that Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers' husband; and (4) 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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