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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Reminds Investors of an Investigation Involving Possible Securities Fraud Violations by Certain Officers and Directors of Sundial Growers Inc.

/EIN News/ -- NEW YORK, Sept. 13, 2019 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies investors that it has commenced an investigation of Sundial Growers Inc. (“Sundial” or “the Company”) (NASDAQGS: SNDL) concerning possible violations of federal securities laws.

In the first week of August 2019, Sundial, a Canadian cannabis company, closed its initial public offering (“IPO”) and sold 11 million shares at $13.00 per share for gross proceeds of $143 million.

On August 14, 2019, Zenabis Global Inc. (“Zenabis”), another Canadian cannabis company, announced that “[c]ertain third-party producers failed to supply saleable cannabis in line with contractual obligations. Due to quality issues, Zenabis had to return or reject a total of 554 kg of cannabis from a third-party.”

On August 19, 2019, MarketWatch reported that sources identified Sundial as the “third-party” referenced in Zenabis’ press release. The article continued that “Zenabis returned the cannabis because the pot was of poor quality and contained bits of rubber, among other issues.” That same day, Sundial released a statement claiming that “[t]here were factual inaccuracies in the article”, but confirming that “this isolated immaterial matter is being resolved between Sundial and the Licensed Producer.”

Since the IPO, Sundial stock has dropped nearly 40% below the IPO price. To obtain additional information, go to:

https://www.zlk.com/pslra-1/sundial-growers-inc-loss-form

or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:   
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com 

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Distribution channels: Consumer Goods, Law


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