AURORA CANNABIS, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of investors that purchased Aurora Cannabis, Inc.
LEAD PLAINTIFF DEADLINE IS DECEMBER 1, 2020
PR Newswire
NEW YORK, Oct. 20, 2020
NEW YORK
,
Oct. 20, 2020
/PRNewswire/ —
Wolf Haldenstein Adler Freeman
& Herz LLP
announces that a federal securities class action lawsuit has been filed in
the United States
District Court for the District of
New Jersey
on behalf of investors that purchased Aurora Cannabis, Inc. (NYSE: ACB) (“Aurora” or the “Company”) securities between
February 13, 2020
and
September 4, 2020
, inclusive (the “Class Period”).
All
investors who purchased shares of
Aurora Cannabis, Inc.
and incurred losses are urged
to contact the firm immediately at
[email protected]
or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or
join the case
on our website,
www.whafh.com.
If you have incurred losses in the shares of Aurora Cannabis, Inc..
you
may,
no later than
December 1, 2020
,
request that the Court appoint you lead plaintiff of the proposed class. Please contact
Wolf Haldenstein
to learn more about your rights as an investor in the shares of Aurora Cannabis, Inc.
On
February 6, 2020
, shortly before the start of the Class Period, Aurora issued a press release announcing, inter alia, a “business transformation plan,” to “better align the business financially with the current realities of the cannabis market in
Canada
while maintaining a sustainable platform for
long-term growth.”
Specifically, the press release touted that the plan was
“expected to include significant and immediate decreases in selling, general & administrative (“SG&A”) expenses and capital investment plans.”
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
.
Wolf Haldenstein
has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in
New York
,
Chicago
and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact
Wolf Haldenstein
by telephone at (800) 575-0735, via e-mail at
[email protected]
, or visit our website at
www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman
& Herz LLP
Kevin Cooper, Esq.
Gregory Stone
, Director of Case and Financial Analysis
Email:
[email protected]
,
[email protected]
or
[email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE
Wolf Haldenstein Adler Freeman
& Herz LLP
