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PHILADELPHIA, July 12, 2019 – Kaskela Law LLC announces that a clbad action suit has been filed against CannTrust Holdings Inc. (NYSE: CTST) ("CannTrust" or the "Company") on behalf of acquirers securities of the company enter November 14, 2018 and July 5, 2019, included (the "clbad period").
CannTrust investors with an investment loss greater than $ 100,000 are encouraged to contact Kaskela Law LLC (Seamus Kaskela, Esq.) At (888) 715-1740 or by email at the address. [email protected], to discuss this action and their legal rights and options. Further information on this action is also available on http://kaskelalaw.com/case/canntrust-holdings-inc/.
The clbad action suit alleges that CannTrust issued a series of false and misleading statements to investors during the clbad action period and failed to disclose: (i) that the company was growing cannabis in its Pelham greenhouse while requests for regulatory approval were still pending; (ii) the company's Pelham greenhouse did not comply with certain regulations; (iii) as a result, Health Canada would be reasonably susceptible to inventory holding until the Pelham facility complies with applicable regulations; and (iv) as a result, the Company's customers would face shortages and would likely seek products from CannTrust's competitors.
According to the complaint, on July 8, 2019, the Company disclosed that Health Canada had concluded that its greenhouse, located in Pelham, Ontario, was not in compliance with certain regulations. As a result, Health Canada blocked 5,200 kilograms of dried cannabis harvested in unlicensed halls, as well as an additional 7,500 kilograms voluntarily held by the company, until the facility became compliant. As a result, the Company's shares fell from $ 1.11 per share, or more than 22%, to close at $ 3.83 per share on July 8, 2019.
IMPORTANT DATE: Investors who purchased CannTrust securities during the relevant period may no later than September 9, 2019, seeks to be named lead representative of plaintiffs in the action.
Investors of CannTrust who experience a loss of investment in excess of $ 100,000 and who invest in securities of the Company are encouraged to contact Kaskela Law LLC to discuss this action, their rights and their legal options. Kaskela Law LLC exclusively represents investors in the areas of securities fraud, corporate governance and M & A litigation. For more information on Kaskela Law LLC, please visit www.kaskelalaw.com.
CONTACT:
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Boulevard Campus, Suite 100
Newtown Square, PA 19073
(484) 258-1585
(888) 715 – 1740
www.kaskelalaw.com
[email protected]
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