NEW YORK–(BUSINESS WIRE)–#HEXO–Bragar Eagel & Squire, P.C. is investigating potential claims against HEXO Corp. (NYSE: HEXO) on behalf of HEXO investors. Our investigation concerns whether HEXO has violated the federal securities laws and/or engaged in other unlawful business practices.
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On October 4, 2019, HEXO announced the immediate resignation of its Chief Financial Officer Michael Monahan, after only four months as the Company’s CFO.
On this news, HEXO’s stock price fell $0.26 per share, or 6.4%, to close at $3.80 per share on October 7, 2019.
Then, on October 10, 2019, HEXO released preliminary revenue results for the fourth quarter of fiscal year 2019 that were nearly 50% lower than previous guidance and withdrew previously announced fiscal year 2020 guidance of up to $400 million in revenue. HEXO’s Chief Executive Officer Sebastien St-Louis attributed these poor results to “lower than expected product sell through” and admitted that the company would have to make “significant changes to our sales and operations strategy to drive future results.”
On this news, HEXO’s stock price fell $0.83 per share, or 22.55%, to close at $2.85 per share on October 10, 2019.
If you purchased or otherwise acquired HEXO shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into HEXO, please go to https://bespc.com/HEXO. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.