NEW YORK, NY / ACCESSWIRE / March 15, 2021 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Neptune Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ:NEPT). Investors who purchased Neptune securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/nept.
The investigation concerns whether Neptune and certain of its officers and/or directors have violated federal securities laws.
On February 15, 2021, Neptune announced disappointing financial results for the third quarter of the Company's fiscal year 2021, missing analyst expectations. Among other results, Neptune reported third quarter revenues of CA$3.32 million and a net loss of CA$73.8 million, down 63.81% and over 1,000% year-over-year, respectively. Neptune attributed the net loss, in part, to a CA$35.6 million impairment of goodwill and a CA$2.1 million impairment of "property, plant and equipment and right-of-use assets related to the acquisition of SugarLeaf in July 2019," as well as accelerated amortization of CA$13.95 million "also related to the SugarLeaf acquisition." Additionally, the Company disclosed that its "[g]ross margin declined to a loss of 268.3%," which included a non-cash CA$7.39 million "write-down of inventory and deposits to reflect their net realizable value." Following this news, Neptune's common share price fell $0.86 per share, or 30.71%, to close at $1.94 per share on February 16, 2021.
If you are aware of any facts relating to this investigation, or purchased Neptune shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/nept. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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