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SAN FRANCISCO, Sept. 26, 2019 (GLOBE NEWSWIRE) -- Hagens Berman alerts Sundial Growers Inc. (NASDAQ: SNDL) investors to the pending securities class action and urges SNDL investors who have suffered losses in excess of $50,000 to contact the firm.
SNDL Securities Class Action:
According to the Complaint, in connection with Sundial’s August 2019 IPO, Defendants concealed (1) Sundial did not supply saleable cannabis in line with contractual obligations to Zenabis Global Inc., and (2) before the IPO, Zenabis returned ½ ton of cannabis because it was of poor quality and contained bits of rubber.
By August 20, 2019, when MarketWatch reported these issues, the price of Sundial shares closed down about 23% from the $13 IPO price and continued to decline through the remainder of the Class Period.
“We’re focused on investors’ losses and the extent to which Defendants may have misled investors by concealing product returns that appear to be about 10% of Sundial’s sales,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Sundial should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SNDL@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000