LOS ANGELES–(BUSINESS WIRE)–$TCNNF—Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased Trulieve Cannabis Corp. (“Trulieve” or the “Company”) (OTC: TCNNF) securities between September 25, 2018 and December 17, 2019, inclusive (the “Class Period”). Trulieve investors have until February 28, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
On December 17, 2019, Grizzly Research published a report alleging that most of the Company’s cultivation space comes from “hoop houses that produce low quality output,” that there were extensive ties between Trulieve and ongoing FBI investigations into corruption, that the Company’s initial license approval “stinks of corruption,” and that the Company engaged in undisclosed related party transactions.
On this news, Trulieve’s share price fell $1.51, or more than 12%, to close at $10.40 per share on December 17, 2019, 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 Trulieve overstated its mark-up on its biological assets; (2) that Trulieve’s reported gross profit was inflated; (3) that Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers’ husband; and (4) that 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.
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If you purchased Trulieve securities during the Class Period, you may move the Court no later than February 28, 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.
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Glancy Prongay and Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224