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Neptune Wellness Solutions Inc.

Company NameNeptune Wellness Solutions Inc.
Stock SymbolNEPT
Class PeriodJuly 24, 2019 to February 16, 2021
Lead Plaintiff Motion DeadlineMay 17, 2021

In June 2019, Neptune acquired SugarLeaf Labs, LLC and Forest Remedies LLC (collectively, "SugarLeaf"), a registered North Carolina-based commercial hemp company providing extraction services and formulated products.

On February 15, 2021, Neptune announced net loss of CA$73.8 million for third quarter 2021 due in part to a CA$35.6 million impairment of goodwill and a CA$2.1 million impairment of “property, plant and equipment and right-of-use assets related to the acquisition of SugarLeaf in July 2019,” as well as accelerated amortization of CA$13.95 million “also related to the SugarLeaf acquisition.” 

On this news, Neptune’s stock price fell $0.86 per share, or 30.71%, to close at $1.94 per share on February 16, 2021, thereby injuring investors. 

Then, on February 17, 2021, before the market opened, Neptune issued a press release announcing the termination of an at-the-market offering conducted by the Company, which would have raised $18.6 million in gross proceeds.  Immediately after, Neptune issued a second press release announcing that the Company was conducting a $55 million registered direct offering.

On this news, Neptune’s stock price fell $0.21 per share, or 10.82%, to close at $1.73 per share on February 17, 2021, thereby injuring investors further. 

 

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