TRULIEVE SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Trulieve Cannabis Corp. To Contact The Firm
NEW YORK, NY - ( NewMediaWire ) - February 24, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (Other OTC:TCNNF) of the February 28, 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 Trulieve stock or options between September 25, 2018 and December 17, 2019 and would like to discuss your legal rights, click here: http://www.faruqilaw.com/TCNNF. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnellotoll freeat877-247-4292 or at212-983-9330 or by sending an e-mail email@example.com.
CONTACT:FARUQI & FARUQI, LLP685 Third Avenue, 26thFloorNew York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Trulieve securities between September 25, 2018 and December 17, 2019 (the “Class Period”). The case, McNear v. Trulieve Cannabis Corp. et al., Docket No. 1:19-cv-07289 was filed on December 30, 2019.
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) Trulieve overstated its mark-up on its biological assets; (2) therefore, Trulieve’s reported gross profit was inflated; (3) Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers’ husband; and (4) 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 December 17, 2019, during market hours, Grizzly Research published a report (the “Report”) explaining that Trulieve had failed to disclose: (1) real estate transactions with insiders; (2) that rather than high-quality indoor production, the vast majority of the Company’s marijuana was produced in low quality hoop houses; and (3) the Company’s markup on biological assets was excessive and unreasonable.
On this news, the Company’s stock price fell from $11.91 per share on December 16, 2019 to $10.40 per share on December 17, 2019: a $1.51 or 12.68% 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 Trulieve’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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