On February 24, 2020, Cronos stated that it would delay its fourth quarter and fiscal year 2019 earnings release and conference call, previously scheduled for February 27, 2020.
Then, on March 2, 2020, after the market closed, Cronos disclosed an Audit Committee review of revenue recognition of “several bulk resin purchases and sales of products through the wholesale channel.” As a result, Cronos delayed the filing of its annual report for fiscal 2019 and revealed that it expected to report a material inventory write-down for fiscal 2019.
The complaint filed in this class action alleges that throughout the Class Period, defendants misled investors by improper accounting practices, including inappropriate revenue recognition, thereby overstating the company’s financial performance.
Cronos Group, Inc.
Investors who purchased the Company’s securities between May 9, 2019, and March 2, 2020 are encouraged to contact the firm prior to May 11, 2020.
If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at firstname.lastname@example.org.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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