These revelations have caused the price of Aurora securities to plummet. Finally, on January 6, 2020, media reports stated that the Company had listed its nine-hectare greenhouse in Exeter, Ontario, for sale for $17 million. On December 21, 2019, Aurora announced that the Company’s Chief Corporate Officer would be stepping down. 'I used Napa Luxury Coach for a wine tour this past weekend to celebrate my 50th birth. Then, on November 29, 2019, Marijuana Business Daily reported that Aurora had violated regulations for the sale of cannabis to German pharmacies. in a putative securities class action in New Jersey federal court.
In addition, the Company revealed that it was halting construction on two key production facilities, its Aurora Nordic 2 facility in Denmark and its Aurora Sun facility in Medicine Hat, Alberta. On July 6, a firm team secured a dismissal for Aurora Cannabis Inc.
AURORA CANNABI SERIES
The market learned the truth through a series of disclosures beginning on November 14, 2019, when the Company announced disappointing first quarter of fiscal 2020 results, reporting a 25% sequential sales decline and a 33% sequential consumer cannabis revenue decline. As a result of concealing this information from the market, the Company’s securities traded at artificially inflated prices throughout the Class Period. According to the current price, Aurora Cannabis is 21.40 away from the 52-week high. The litigation alleges that Defendants made false and misleading statements and omissions about Aurora’s business, financial performance and prospects. Specifically, Plaintiffs allege that Defendants failed to disclose that they had materially overstated the demand and potential market for Aurora’s consumer cannabis products, that the Company had failed to comply with licensing requirements in the all-important German market, and that the Company was suffering from liquidity constraints and the over-extension of capital commitments, among other misstatements. The high in the last 52 weeks of Aurora Cannabis stock was 2.80. (“Aurora” or the “Company”) securities between Januto Novem(“Class Period”).Īurora Cannabis Inc., headquartered in Edmonton, Canada, cultivates and sells medicinal and recreational cannabis through a portfolio of brands that include Aurora, CanniMed, MedReleaf, and San Rafael '71. On October 23, 2018, the company began listing its stock on the New York Stock Exchange.
This is a Consolidated securities class action litigation brought on behalf of investors who purchased or otherwise acquired Aurora Cannabis Inc.
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