NUEVA YORK, 5 de junio de 2023 / PRNewswire / – Pomerantz LLP is investigating claims on behalf of investors in Canopy Growth Corporation («Canopy» or the «Company») (NASDAQ: CGC). Investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980. The investigation concerns whether Canopy and some of its officials and/or directors have engaged in securities fraud or other illegal business practices.
On May 10, 2023, Canopy revealed in a presentation to the US Securities and Exchange Commission («SEC») that «management of the Company identified certain trends in sales reporting by the BioSteel Sports Nutrition Inc. (‘BioSteel’) business unit for further review.» As a result, the Company «initiated an internal review of financial information matters related to BioSteel (the ‘BioSteel Review’)» and «preliminarily identified material misstatements…related to sales in the BioSteel business unit that were incorrectly accounted for.» Specifically, the Company «concluded that the (i) audited consolidated financial statements of the Company for the fiscal year ended March 31, 2022, included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022 (the ‘2022 10-K’), and (ii) unaudited consolidated financial statements for the quarterly periods ended June 30, 2022, September 30, 2022, and December 31, 2022, included in the Company’s Quarterly Reports on Form 10-Q for such quarterly periods (collectively, the ‘Form 10-Q’ and together with the 2022 10-K, the ‘Prior Financial Statements’), can no longer be relied upon due to certain material misstatements contained therein. In addition, the reports of the Company’s independent registered public accounting firm included in the 2022 10-K can no longer be relied upon.»
With this news, the price of Canopy’s shares fell $0.18 per share, or 14.75%, to close at $1.04 per share on May 11, 2023.
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