The Klein Law Firm announces that class action complaints have been filed on behalf of shareholders of CannTrust Holdings Inc. (NYSE: CTST) who purchased shares between November 14, 2018 and July 12, 2019. The actions, which were filed in the United States District Court for the Southern District of New York, allege that the Company violated federal securities laws.
In particular, the CannTrust lawsuits allege that (1) the Company was growing cannabis in its Pelham greenhouse while applications for regulatory approval were still pending; (2) the Company’s Pelham greenhouse did not comply with certain regulations; (3) as a result, the Company was reasonably likely to face an inventory hold by Health Canada until the Pelham facility becomes compliant with applicable regulations; (4) as a result, the Company’s customers would face shortages and would likely seek product from CannTrust’s competitors; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Shareholders have until September 9, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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