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NEPT.US
id: 487

Kenneth Rickert, et al. v. Neptune Wellness Solutions Case

E.D. New York
Court
2:21-cv-01386-ENV-ARL
Case number
24 Jul 2019
Class period Start
15 Jul 2021
Class period End
21 May 2023
Claim deadline
Neptune Wellness Solutions (NEPT) agreed to pay up to $4 million to settle a securities class action lawsuit to avoid further litigation.

Proposed Settlement of the Action for consideration at Neptune’s option of either: (a) $4,000,000 cash or (b) $1.5 million cash and $2,750,000 worth of Neptune common stock.

On May 9, 2019, Neptune announced that it had signed a definitive agreement to acquire the assets of SugarLeaf Labs LLC and Forest Remedies LLC, a registered North Carolina-based commercial hemp company providing extraction services and formulated products. On July 24, 2019, Neptune announced the closing of the SugarLeaf Acquisition. The Complaint alleged that the Company and its Leaders 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, the Complaint alleged:
  • the cost of Neptune's integration of the assets and operations acquired in the SugarLeaf Acquisition would be larger than the Company had acknowledged, placing significant strain on the Company's capital reserves;
  • accordingly, it was reasonably foreseeable that the company would need to conduct additional stock offerings to raise more capital; and
Case Status
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Filing date
16 March 2021
Plaintiffs
Kenneth Rickert
Attorneys
Pomerantz LLP (Chicago, IL)
Defendants
Toni Rinow, Martin Landry
Judge
Hon. Eric N. Vitaliano
Administrator
A.B. Data Ltd
Court hearing date
20 June 2023
Exclusion deadline
30 May 2023
Objection deadline
30 May 2023
Hearing deadline
20 June 2023
+$4,000,000
Cash Settlement Amount

Neptune Wellness Solutions Inc

Neptune Wellness Solutions Inc. operates as a consumer packaged goods company in Canada, the United States, and internationally. It's product portfolio includes omega-3 fish oils and other nutritio...

    Ticker
    NEPT.US
    ISIN
    CA64079L1058
    CIK
    1401395
    Sector
    Healthcare
    Industry
    Drug Manufacturers - Specialty & Generic
    Country
    USA
    Address
    545 Promenade du Centropolis, Laval, QC, Canada, H7T 0A3