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Aurora Cannabis Inc. (NYSE: ACB) Investor Securities Class Action Lawsuit 11/22/2019

  • If you purchased shares of Aurora Cannabis Inc. (NYSE: ACB), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Aurora Cannabis Inc.
Security
NYSE: ACB

Case Name
Aurora Cannabis Shareholder Class Action Lawsuit 11/22/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

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Summary

September 21, 2020 - An amended complaint was filed.

November 21, 2019 - An investor in shares of Aurora Cannabis Inc. (NYSE: ACB) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Aurora Cannabis Inc. in connection with certain allegedly false and misleading statements made between September 11, 2019 and November 14, 2019.

Canada based Aurora Cannabis Inc. produces and distributes medical cannabis products. Aurora Cannabis Inc. reported that its Total Revenue rose from $55.19 million for the 12 months period that ended on June 30, 2018 to$247.93 million for the 12 months period that ended on June 30, 2019 and that its Net Income of $69.22 million turned to a Net Loss of $290.83 million over those respective time periods.

On November 14, 2019, Aurora Cannabis Inc. announced its First Quarter Results and Corporate Action Plan. The results included a 24% quarterly sequential drop in revenue including a 33% drop in consumer cannabis revenue. The results also included a greater EBITDA loss than the previous quarter at CA$39.7M EBITDA. Aurora Cannabis Inc. also announced a CA$190M reduction is capital expenditures, the halting of construction of the Aurora Nordic 2 facility in Demark, and its deferring final construction of its Aurora Sun facility. Finally, Aurora Cannabis Inc. announced that it would open an early conversion window for holders of CA$230M of convertible debentures. Shares of Aurora Cannabis Inc. (NYSE: ACB) declined from $10.32 per share in March 2019 to as low as $2.14 per share on November 19, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Aurora Cannabis Inc. (NYSE: ACB) common shares between September 11, 2019 and November 14, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between September 11, 2019 and November 14, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Aurora’s revenue would decline in its first quarter of fiscal 2020 ended September 30, 2019, that the Company would halt construction on its Aurora Nordic 2 and Aurora Sun facilities; and that due to the foregoing, defendants’ statements about Aurora’s receivables, business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.