HEXO Corp. (HEXO)
Bronstein, Gewirtz & Grossman, LLC Announces Investigation of HEXO Corp. (HEXO)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of HEXO Corp. (“HEXO” or the “Company”) (NYSE: HEXO). The investigation concerns whether HEXO and certain of its officers and/or directors have violated federal securities laws.
On October 4, 2019, HEXO announced the immediate resignation of its Chief Financial Officer (“CFO”) Michael Monahan, after only four months as the Company’s CFO. On this news, HEXO’s stock price fell $0.26 per share, or 6.4%, to close at $3.80 per share on October 7, 2019, the following trading day. Then, on October 10, 2019, HEXO provided preliminary revenue results for the fourth quarter of fiscal year 2019 that were nearly 50% lower than previous guidance and withdrew previously announced fiscal year 2020 guidance of up to $400 million in revenue. HEXO’s Chief Executive Officer Sebastien St-Louis attributed the poor performance to “lower than expected product sell through” and admitted the Company would have to make “significant changes to our sales and operations strategy to drive future results.” On this news, HEXO’s stock price fell $0.83 per share, or 22.55%, to close at $2.85 per share on October 10, 2019.
If you are aware of any facts relating to this investigation, or purchased HEXO shares, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.