Aurora Cannabis Shareholder Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Aurora Cannabis To Contact The Firm
NEW YORK - ( NewMediaWire ) - December 27, 2019 - Faruqi Faruqi, LLP, a leading national securities law firm, reminds investors in Aurora Cannabis (“Aurora Cannabis” or the “Company”) (NYSE:ACB) of the January 21, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Aurora Cannabis stock or options between September 11, 2019 and November 14, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/ACB. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Aurora Cannabis securities between September 11, 2019 and November 14, 2019 (the “Class Period”). The case, Wilson v. Aurora Cannabis Inc. et al., No. 19-cv-20588 was filed on November 21, 2019, and has been assigned to Judge John Michael Vazquez.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) as opposed to the Company’s representations, 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) as a result, Defendants’ statements about its 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.
On this news, the Company’s stock price fell from $3.29 per share on November 14, 2019 to $2.73 per share on November 15, 2019: a $0.56 or 17.02% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi Faruqi, LLP also encourages anyone with information regarding Aurora Cannabis’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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