Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, May 15, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Canopy Growth Corporation (“Canopy Growth” or “the Company”) (NASDAQ: CGC) investors that the firm has initiated an investigation into possible alleged securities violation and may file a class action on behalf of investors. Canopy Growth that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Canopy Growth is under investigation for potentially issuing false or misleading statements and failing to disclose important information to investors. On May 10, 2023, the company announced through a Form 8-K that it had initiated an internal review called the "BioSteel Review." The review was prompted by certain sales trends identified by the management of the BioSteel Sports Nutrition Inc. business unit. The company, with the involvement of independent external counsel and forensic accountants, conducted the review under the oversight of the Audit Committee of the Board of Directors. Preliminary findings revealed material misstatements in the previously reported financial statements, specifically related to sales in the BioSteel business unit. As a result, Canopy Growth concluded that its audited consolidated financial statements for the fiscal year ended March 31, 2022 (included in the 2022 10-K), and its unaudited consolidated financial statements for the quarterly periods ended June 30, 2022, September 30, 2022, and December 31, 2022 (included in the Form 10-Qs), should no longer be relied upon. Additionally, the reports of the company's independent registered public accounting firm included in the 2022 10-K should no longer be relied upon either. The announcement caused Canopy Growth's shares to drop by 14.75% on the following day.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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