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ACB.TO
id: 1226

Aurora Cannabis (ACB) Canadian Case Over The Financial Issues

2003 12747
Case number
11 Sept 2019
Class period Start
20 Dec 2019
Class period End
08 Jun 2024
Lead Plaintiff motion deadline
  • $ACB stockholder filed a claim vs. Aurora Cannabis for misleading about the consumer demand and progress on facilities.
  • On November 15, 2019, the news about the financial results caused $ACB to fall 18%, losing $43M+ in shareholder value.
  • Affected $ACB investors may join the claim to be notified about potential recovery.
Background:

In September 2019, Aurora claimed its earnings would improve due to higher sales, better margins, anticipating growth and stable demand.

In October 2019, Aurora claimed that construction at facilities aimed to capture more of the cannabis market was progressing well.

On November 14, 2019, Aurora released quarterly statements, where disclosed the following points:
  1. Aurora faced distribution issues and closely monitored daily sales to retailers.
  2. Aurora's adjusted EBITDA loss for 1Q was $39.7M, up from $26.6M in the previous quarter.
  3. Construction of Aurora Nordic 2 in Denmark was halted, and completion of the Medicine Hat facility in Alberta was postponed.
After these news, $ACB fell by 18%.

Also, after news articles highlighted demand issues for Aurora's products, Aurora's Chief Corporate Officer, Cam Battley, resigned.

One of $ACB investors has already filed a claim vs. Aurora Cannabis in the Court of Queens Bench of Alberta. Aurora is also currently paying settlement to US investors for the same allegations.
Case Status
Lead Plaintiff Submission
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
15 November 2019
Filing date
08 March 2024
Lead Plaintiff Deadline
08 June 2024
Collecting participants…