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LOS ANGELES, Sept. 05, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Sundial Growers Inc. (“Sundial” or “the Company”) (NASDAQ: SNDL) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Sundial claimed in its Registration Statement for its initial public offering (“IPO”), which closed on August 1, 2019, that the Company produces “high-quality, consistent cannabis.” Despite the Company touting its quality product, on August 19, 2019, Marketwatch reported that Zenabis Global returned a shipment of more than 1,200 lbs. of cannabis to Sundial. According to Marketwatch, the cannabis was returned “because it contained visible mold, parts of rubber gloves and other non-cannabis material, according to people familiar with the matter.” The Company claimed “isolated immaterial matter between Sundial and [a] Licensed Producer.” Sundial shares have traded down 40% since its IPO.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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The Schall Law Firm
Brian Schall, Esq.