NEW YORK–(BUSINESS WIRE)–The law firm of Kirby McInerney LLP is investigating potential claims against Sundial Growers Inc. (“Sundial” or the “Company”) (NASDAQ: SNDL). This investigation concerns whether Sundial has violated federal securities laws and/or engaged in other unlawful business practices.
On August 1, 2019, Sundial closed its initial public offering (“IPO”), in which it sold 11 million shares at $13.00 per share for gross proceeds of $143 million. In the Registration Statement for the IPO, the Company stated that it produces “produce high-quality, consistent cannabis.”
On August 19, 2019, MarketWatch reported that cannabis producer Zenabis Global Inc. had rejected a shipment of 554 kg of cannabis from Sundial “because it contained visible mold, parts of rubber gloves and other non-cannabis material, according to people familiar with the matter.” The same day, the Company confirmed that it was resolving an “isolated immaterial matter between Sundial and [a] Licensed Producer.”
Since the IPO, Sundial’s shares have traded as low as $6.89 per share, or 47% below the $13 offering price.
If you acquired Sundial securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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