|Company name||Trulieve Cannabis Corporation|
|Status||Class Action Complaint Filed|
NEW YORK, February 12, 2020 –Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of investors that purchased Trulieve Cannabis Corporation (Other OTC: TCNNF) securities between September 25, 2018 and December 17, 2019 (the “Class Period”). Investors have until February 28, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On December 17, 2019, Grizzly Research published an article reporting that the majority 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 corruption investigations, that the Company’s initial license approval “stinks of corruption,” and that the Company engaged in various undisclosed related party transactions.
On this news, Trulieve’s stock price fell $1.51 per share, or over 12.6%, to close at $10.40 per share on December 17, 2019.
The complaint, filed on December 30, 2019, alleges that throughout the Class Period defendants made 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.
If you purchased Trulieve shares during the Class Period, 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 Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (646) 860-9156, or by filling out the contact form below. There is no cost or obligation to you.