GREY:CNTTQ - Post by User
Post by
myfistyourbutt on Dec 06, 2019 2:01am
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Post# 30427827
ANOTHER UPDATE
ANOTHER UPDATE Update on Remediation Efforts
CannTrust continues to make progress on its remediation efforts and anticipates completing all of the activities described within its remediation plan by the end of the first quarter of 2020, although completion will be subject to Health Canada's input and approval. To that end, the Company and Health Canada have already engaged on various aspects of the remediation plan.
Litigation Update
CannTrust was either served or became aware of putative class action lawsuits in Canada and the United States against the Company and certain of its current and former Directors, officers, and employees relating to the drop in its share price after July 8, 2019. The Company expects the number of putative class actions against it to be consolidated in the coming months. Recently, the Company became aware of a lawsuit by Zola Finance Holdings Ltd. and Igor Gimelshtein that also relates to the drop in its share price after July 8, 2019. The total amounts claimed in the lawsuits overlap and have not been quantified at the present time. The Company has not currently recorded any uninsured amount related to this contingency.