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Hagens Berman Updates CTST Investors: Analyst Says “Avoid CannTrust Stock Like The Plague;” Investors Who Lost $100,000+ May Contact the Firm

/EIN News/ -- SAN FRANCISCO, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in CannTrust Holdings Inc. (NYSE: CTST) of the September 9, 2019 Lead Plaintiff deadline in the securities class action, Huang v. CannTrust Holdings Inc., No. 1:19-cv-06396, pending in the U.S. District Court for the Southern District of New York.

In addition, over the past several weeks, a string of negative news about the Company has sent CannTrust’s share prices reeling.  On July 25, 2019, the Company fired CEO Peter Aceto for cause and forced President & Chairman Eric Paul to resign.  Then, on August 8, 2019, the company’s auditor KPMG withdrew its reports for the last quarter and full-year, stating the company’s reported financial results should not be considered reliable.  Further, on August 12, 2019, the company disclosed that Health Canada found the company’s second major facility in Vaughan, Ontario to be non-compliant.  This news drove analysts at TipRanks to warn investors to “avoid CannTrust stock like the plague.”  

If you invested in CannTrust between November 14, 2018 and July 12, 2019 and suffered losses of $100,000+, you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case.

If you wish to serve as a lead plaintiff in this class action, you must move the Court no later than September 9, 2019 (the “Lead Plaintiff deadline”).  Contact Hagens Berman immediately for more information about the case and being a lead plaintiff:

https://www.hbsslaw.com/hagens-berman-fraud-center/canntrust

or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing

CTST@hbsslaw.com.

According to the complaint, Defendants concealed that (1) CannTrust was growing cannabis in its Pelham greenhouse while applications for regulatory approval were still pending, (2) the greenhouse did not comply with certain regulations, and (3) it was reasonably likely that Health Canada would place an inventory hold until the Pelham facility becomes compliant with applicable regulations.

“We’re focused on investors’ losses and whether Defendants misrepresented and concealed CannTrust’s compliance with applicable laws and regulations,” said Hagens Berman partner Reed Kathrein.

Whistleblowers: Persons with non-public information regarding CannTrust should consider their options to help in the investigation or take advantage of the SEC Whistleblower program.  Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.  For more information, call Reed Kathrein at 510-725-3000 or email CTST@hbsslaw.com.

About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys.  The firm represents investors, whistleblowers, workers and consumers in complex litigation.  More about the firm and its successes is located at hbsslaw.com.  For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact:
Reed Kathrein, 510-725-3000

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Distribution channels: Consumer Goods, Law


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