Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (OTCQX: TCNNF) between September 25, 2018 and December 17, 2019, inclusive (the “Class Period”). The lawsuit filed in the United States District Court for the Eastern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased TCNNF securities, and/or would like to discuss your legal rights and options please visit Trulieve Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially 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, during market hours, Grizzly Research published a report explaining that Trulieve had failed to disclose: (i) real estate transactions with insiders; (ii) that, rather than high-quality indoor production, the vast majority of the Company’s marijuana was produced in low quality “hoop houses”; and (iii) that the Company’s markup on biological assets was excessive and unreasonable.
On this news, shares of Trulieve fell $1.51 per share or over 12.6% to close at $10.40 per share on December 17, 2019, damaging investors.
If you purchased Trulieve securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/trulievecannabiscorp-tcnnf-shareholder-class-action-lawsuit-stock-fraud-236/apply/ contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than February 28, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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