Trulieve Cannabis Corp. (TCNNF)
INVESTOR ALERT - Trulieve Cannabis Corp. (TCNNF) - Bronstein, Gewirtz & Grossman, LLC Notifies Investors of Class Action and Lead Plaintiff Deadline: February 28, 2020
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Trulieve Cannabis Corp. (“Trulieve” or the Company”) (OTKMKT: TCNNF) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Trulieve securities between September 25, 2018 and December 17, 2019, inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed 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, Grizzly Research published an article reporting that most of the Company’s cultivation space comes from “hoop houses that produce low quality output,” that there were extensive ties between Trulieve and ongoing FBI investigations into corruption, that the Company’s initial license approval “stinks of corruption,” and that the Company engaged in several undisclosed related party transactions. On this news, Trulieve’s stock price fell $1.51 per share, or over 12.6%, to close at $10.40 per share on December 17, 2019.
You can review a copy of the Complaint and sign the certification form or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Trulieve you have until February 28, 2020 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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.