Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Neptune Wellness Solutions Inc. (NEPT)
LOS ANGELES--(BUSINESS WIRE)--Mar 23, 2021--
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 17, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Neptune Wellness Solutions Inc. (“Neptune” or the “Company”) (NASDAQ: NEPT ) securities between July 24, 2019 and February 16, 2021, inclusive (the “Class Period”).
If you suffered a loss on your Neptune investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/neptune-wellness-solutions-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
In June 2019, Neptune acquired SugarLeaf Labs, LLC and Forest Remedies LLC (collectively, “SugarLeaf”), a registered North Carolina-based commercial hemp company providing extraction services and formulated products.
On February 15, 2021, Neptune announced net loss of CA$73.8 million for third quarter 2021 due in part to a CA$35.6 million impairment of goodwill and a CA$2.1 million impairment of “property, plant and equipment and right-of-use assets related to the acquisition of SugarLeaf in July 2019,” as well as accelerated amortization of CA$13.95 million “also related to the SugarLeaf acquisition.”
On this news, Neptune’s stock price fell $0.86 per share, or 30.71%, to close at $1.94 per share on February 16, 2021, thereby injuring investors.
Then, on February 17, 2021, before the market opened, Neptune issued a press release announcing the termination of an at-the-market offering conducted by the Company, which would have raised $18.6 million in gross proceeds. Immediately after, Neptune issued a second press release announcing that the Company was conducting a $55 million registered direct offering.
On this news, Neptune’s stock price fell $0.21 per share, or 10.82%, to close at $1.73 per share on February 17, 2021, thereby injuring investors further.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the cost of Neptune’s integration of the assets and operations acquired in the SugarLeaf Acquisition would be larger than the Company had acknowledged, placing significant strain on the Company’s capital reserves; (2) accordingly, it was reasonably foreseeable that the company would need to conduct additional stock offerings to raise more capital; 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.
If you purchased or otherwise acquired Neptune securities during the Class Period, you may move the Court no later than May 17, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210323005317/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Glancy Prongay & Murray LLP
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PUB: 03/23/2021 11:00 AM/DISC: 03/23/2021 11:01 AM