PHILADELPHIA, March 18, 2020 /PRNewswire/ -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Cronos Group, Inc. ("Cronos" or the "Company") (NASDAQ: CRON) on behalf of investors who purchased shares of the Company's stock between May 9, 2019, and March 2, 2020, inclusive (the "Class Period").
Cronos investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740, or online at http://kaskelalaw.com/case/cronos-group-inc/, for additional information about this action and their legal rights and options.
The shareholder class action lawsuit alleges that Cronos and certain executive officers issued a series of false and misleading statements to investors during the Class Period about the Company's financial statements.
As detailed in the complaint, on February 24, 2020, Cronos disclosed that it would delay its fourth quarter and fiscal year 2019 earnings release and conference call. Following this news, shares of the Company's stock fell $0.78 per share, or nearly 11% in value, to close on February 24, 2020 at $6.37 per share.
Then, on March 2, 2020, Cronos disclosed that it had requested a 15-day extension for filing its Annual Report with the SEC for fiscal 2019, attributing the delay to a "review by the Audit Committee of the Company's Board of Directors, with the assistance of outside counsel and forensic accountants, of several bulk resin purchases and sales of products through the wholesale channel and the appropriateness of the recognition of revenue from those transactions." Following this additional disclosure, shares of the Company's stock fell an additional $0.70 per share, or 11% in value, to close on March 3, 2020 at $5.32 per share.
IMPORTANT DEADLINE: Investors who purchased Cronos' securities during the Class Period may, no later than May 11, 2020, seek to be appointed as a lead plaintiff representative in the action.
For additional information about this action please contact Kaskela Law LLC. Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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SOURCE Kaskela Law LLC