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id: 715, Created by Stan Vick, Scout
Canopy Growth Corporation (CGC) Case on Misleading
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S.D. New YorkCourt
- Canopy Growth disclosed material misstatements in its prior financial statements.
- $CGC lost 14% and $100M+ of its capitalization.
- Investors suspect Canopy Growth & its Leaders of misleading.
On May 10, 2023, Canopy Growth Corporation (CGC) disclosed that it had identified material misstatements in its prior financial statements related to sales in its BioSteel business unit that were accounted for incorrectly.
The company identified misstatements in its audited annual financial Statements for the fiscal year ended March 31, 2022, and its interim financial statements for the quarterly periods ended June 30, 2022, September 30, 2022, and December 31, 2022.
On this news, $CGC lost 14% and $119M of its capitalization, seriously damaging investors.
Taking appeared facts into account, Investors have reasons to suspect Canopy Growth and its Leaders of negligence and misleading which led to investment losses.
Failure to Disclose,
Shock Event Date
10 May 2023
23 May 2023
Lead Plaintiff Deadline
22 July 2023
Hon. Paul A. Engelmayer