Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Aurora Cannabis, Inc. (ACB)

<br /> Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Aurora <a title class="aalmanual" target="_blank" href="https://v.gotanka.com/869ea410-c449-4a26-bab5-867674e5a61d" rel="noopener">Cannabis</a>, Inc. (ACB)<br />

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

PR Newswire


LOS ANGELES

,

Nov. 16, 2020

/PRNewswire/ —


Glancy Prongay

& Murray LLP

(“GPM”) reminds investors of the upcoming


December 1, 2020


deadline to file a lead plaintiff motion in the class action filed on behalf of investors who 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”).

(PRNewsfoto/Glancy Prongay & Murray LLP)

If you suffered a loss on your Aurora 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/aurora-cannabis-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 protected]

or visit our website at

www.glancylaw.com

to learn more about your rights.

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 in this class action 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 Aurora 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 the Company 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

LinkedIn

,

Twitter

, or

Facebook

.

If you purchased or otherwise acquired 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, 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

[email protected]

, 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.

Cision
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SOURCE

Glancy Prongay

& Murray LLP

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