The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Aurora Cannabis, Inc. (ACB) Investors

<br /> The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Aurora <a title class="aalmanual" target="_blank" href="https://v.gotanka.com/869ea410-c449-4a26-bab5-867674e5a61d" rel="noopener">Cannabis</a>, Inc. (ACB) Investors<br />

Shareholders with losses exceeding $50,000 are encouraged to contact the firm

PR Newswire


LOS ANGELES

,

Nov. 10, 2020

/PRNewswire/ —

The Law Offices of

Frank R. Cruz

announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Aurora Cannabis, Inc. (“Aurora” or the “Company”) (NYSE:

ACB

) securities between


February 13, 2020

and

September 4, 2020


,


inclusive (the “Class Period”). Aurora investors have until


December 1

, 2020

to file a lead plaintiff motion.

(PRNewsfoto/The Law Offices of Frank R. Cru)

If you are a shareholder who suffered a loss, click

here

to participate.

On

September 8, 2020

, the Company announced that it expected to record up to

$1.8 billion

in goodwill impairment charges in fourth quarter 2020. According to Aurora’s press release, these charges included “up to

$90 million

” in fixed asset impairment charges “due to production facility rationalization, and a charge of approximately

$140 million

in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand.”

On this news, the Company’s stock price fell

$0.99

per share, or more than 11%, to close at

$7.52

per share on

September 8, 2020

, thereby injuring investors.

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: (1) that the Company had significantly overpaid for previous acquisitions and experienced degradation in certain assets, including its production facilities and inventory; (2) the Company’s purported “business transformation plan” and cost reset failed to mitigate the foregoing issues; (3) accordingly, it was foreseeable that Aurora would record significant goodwill and asset impairment charges; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter:

twitter.com/FRC_LAW

.

If you purchased Aurora securities during the Class Period, you may move the Court no later than


December 1, 2020


to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. If you purchased Aurora securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact

Frank R. Cruz

, of The Law Offices of

Frank R. Cruz

, 1999 Avenue of the Stars, Suite 1100,

Los Angeles, California

90067 at 310-914-5007, by email to

[email protected]

, or visit our website at

www.frankcruzlaw.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.

www.frankcruzlaw.com

Cision
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SOURCE The Law Offices of

Frank R. Cruz

,

Los Angeles

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