PHILADELPHIA, Oct. 08, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC is investigating Sundial Growers Inc. (“Sundial” or the “Company”) (Nasdaq: SNDL) on behalf of investors. 

On or about August 1, 2019, Sundial completed its initial public offering (“IPO”) of stock, selling 11 million shares of stock to investors at $13.00 per share. 

Approximately two weeks later, on August 16, 2019, MarketWatch published an article entitled “Wall Street’s latest billion-dollar pot company had a half-ton of bad weed returned as it was going public.”  According to the article, “[t]he newest cannabis company on Wall Street, Sundial Growers Inc., sold a half ton of pot that was returned by corporate buyer Zenabis Global Inc. because it contained visible mold, parts of rubber gloves and other non-cannabis material, according to people familiar with the matter.  The attempted sale would be the equivalent of 10% of Sundial’s total second-quarter cannabis sales of five metric tons. … The company included a number of risks around inventory spoilage in its IPO filing but not did not include a reference to a half ton of returned cannabis.”

Shares of Sundial’s stock have declined over $8.00 per share, or over 60% in value, from the time of the Company’s IPO less than three months earlier.

Kaskela Law LLC is investigating whether Sundial and/or the Company’s officers and directors violated the securities laws in connection with Sundial’s IPO, and whether investors have been harmed as a result of such actions and/or misstatements.

Sundial investors who purchased shares of the Company’s stock between August 1, 2019 and August 16, 2019 are encouraged to contact Kaskela Law LLC at (888) 715–1740, or online at http://kaskelalaw.com/case/sundial-growers-inc/, for additional information about this action and their legal rights and options. 

Kaskela Law LLC exclusively represents investors in securities fraud and shareholder rights litigation in state and federal actions.  For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. 

CONTACT:

D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 258 – 1585
(888) 715 – 1740
www.kaskelalaw.com
skaskela@kaskelalaw.com

This notice may constitute attorney advertising in certain jurisdictions.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.