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Aurora Cannabis Inc.

Company NameAurora Cannabis Inc.
Stock SymbolACB
Class PeriodFebruary 13, 2020 to September 04, 2020
Lead Plaintiff Motion DeadlineDecember 01, 2020

On September 8, 2020, the Company announced that it expected to record up to $1.8 billion in goodwill impairment charges in fourth quarter 2020. According to Aurora’s press release, these charges included “up to $90 million” in fixed asset impairment charges “due to production facility rationalization, and a charge of approximately $140 million in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand.”

 

On this news, the Company’s stock price fell $0.99 per share, or more than 11%, to close at $7.52 per share on September 8, 2020, 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 Aurora had significantly overpaid for previous acquisitions and experienced degradation in certain assets, including its production facilities and inventory; (2) the Company's purported "business transformation plan" and cost reset failed to mitigate the foregoing issues; (3) accordingly, it was foreseeable that the Company would record significant goodwill and asset impairment charges; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. 

 

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If you suffered a loss on your Aurora Cannabis Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

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