Aurora Cannabis Inc.
Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Aurora Cannabis Inc. (“Aurora” or the “Company”) (NYSE: ACB) between September 11, 2019 and November 14, 2019, inclusive (the “Class Period”).
If you purchased Aurora securities, and/or would like to discuss your legal rights and options, please click “Join Class Action” above.
New York, New York — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Aurora Cannabis Inc. (“Aurora” or the “Company”) (NYSE: ACB) between September 11, 2019 and November 14, 2019, inclusive (the “Class Period”). The lawsuit filed in the United States District Court for the District of New Jersey alleges violations of the Securities Exchange Act of 1934.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Aurora’s revenue would decline in its first quarter of fiscal 2020 ended September 30, 2019; (2) the Company would halt construction on its Aurora Nordic 2 and Aurora Sun facilities; and (3) 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.
On November 14, 2019, Aurora announced its first quarter of fiscal 2020 ended September 30, 2019, First Quarter 2020 Results (“Q1 2020 Results”) & Corporate Action Plan. As opposed to statements made and released by Defendants during and after its first fiscal quarter 2020, Q1 2020 Results showed a CA$23.8 million, or a 25%, sequential decline of sales, well below analyst estimates. In particular, Aurora’s consumer cannabis revenue fell by 33% sequentially. That same day, Aurora announced an early conversion window for CA$230 million in convertible debt.
On this news, shares of Aurora fell $0.56 per share or over 17% to close at $2.73 per share on November 15, 2019, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than January 21, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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