NEW YORK, Jan. 02, 2020 (GLOBE NEWSWIRE) -- 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 Southern District of New York on behalf of purchasers of the securities of HEXO Corp. (NYSE: HEXO) between January 25, 2019 and November 15, 2019, inclusive (the “Class Period”).
All investors who purchased shares of HEXO Corp. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of HEXO Corp., you may, no later than January 27, 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 HEXO Corp.
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HEXO Corp. creates and distributes cannabis products. The Company offers cannabis peppermint oil, sublingual sprays, marijuana powder, dried flowers and intimate oil. HEXO serves the cannabis market worldwide.
According to the filed complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
- Hexo’s reported inventory was misstated as the Company was failing to write down or write off obsolete product that no longer had value;
- Hexo was engaging in channel-stuffing in order to inflate its revenue figures and meet or exceed revenue guidance provided to investors;
- Hexo was cultivating cannabis at its facility in Niagara, Ontario that was not appropriately licensed by Health Canada; and
- as a result, Hexo’s public statements were materially false and misleading at all relevant times.
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 classmember@whafh.com, 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: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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