Cannabis Co. Hexo Beats Another Shareholder Class Action
Law360 (June 9, 2021, 8:11 PM EDT) -- Cannabis company Hexo Corp. has again beaten a proposed securities class action alleging it misled investors before its stock price plummeted, with a New York state judge echoing a previous federal ruling that shareholders didn't show the company knew about lower-than-expected demand.
Judge Andrew Borrok said in an order dated June 3 that a complaint brought by stockholder Matthew Leung failed to state violations of the Securities Act of 1933 because it failed to show any contemporaneous facts indicating Hexo "knew, at the time of the offering, of the subsequent issues that arose with respect to ... Québec's government-run cannabis dispensary."...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!