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Cronos Group Inc. (NASDAQ: CRON) Investor Securities Class Action Lawsuit 09/04/2018

  • If you purchased shares of Cronos Group Inc. (NASDAQ: CRON), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Cronos Group Inc.
Security
NASDAQ: CRON

Case Name
Cronos Group Shareholder Class Action Lawsuit 09/04/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

January 28, 2019 - The case was voluntarily dismissed.

September 4, 2018 - An investor in shares of Cronos Group Inc. (NASDAQ: CRON) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Cronos Group Inc. in connection with certain allegedly false and misleading statements made between August 21, 2018, and August 30, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Cronos Group Inc. (NASDAQ: CRON) common shares between August 21, 2018, and August 30, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 21, 2018, and August 30, 2018, the Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that the size of Cronos’ distribution agreements with the provinces was relatively small, and that, as a result of the foregoing, Defendants’ positive statements about Cronos’ business, operations, and prospects were materially false and/or misleading, and/or lacked a reasonable basis.

Cronos Group Inc., formerly known as PharmaCan Capital Corp., is a principal investment firm. Cronos Group Inc. reported that its annual Total Revenue rose from $0.554 million in 2016 to $4.08 million in 2017 and that its Net Loss of $1.19 million in 2016 turned into a Net Income of $2.49 million in 2017.

On August 30, 2018,the managing editor of Citron Research( Citron ) published a report entitled Cronos: The Dark Side of The Cannabis Space wherein he detailed a series of allegedly alarming red flags about Cronos Group Inc.
Specifically, Citron states that Cronos management appears to have been deceiving the investing public by purposely not disclosing the size of its distribution agreements with provinces – unlike every other major cannabis player , the Citron report further claims, our sources have informed us that it's because the agreements are so small they could never justify the premium investors are paying for the stock .

Shares of Cronos Group Inc. (NASDAQ: CRON) closed on September 4, 2018, at $11.15 per share.