Cronos Group Inc. Ontario Securities Class Action Notice

TORONTO, March 25, 2024 /PRNewswire/ --

Cronos Group Inc. Ontario Securities Class Action Notice

Toronto, March 25, 2024 – Important legal notice authorized by the Ontario Superior Court of Justice about a securities class action. If you acquired Cronos Group Inc. ("Cronos") shares in the secondary market during the period from May 9, 2019 at 6:59 a.m. ET to March 30, 2020 at 4:33 p.m. ET, you may be affected by a class action. This notice may affect your legal rights. Please read it carefully.

On October 10, 2023, the Honourable Justice Edward Morgan of the Ontario Superior Court of Justice certified the action Harpreet Badesha v. Cronos Group Inc. et al. (CV-20-00641990-00CP) (the "Ontario Cronos Class Action") and appointed Harpreet Badesha as representative plaintiff for the Class, defined as follows:

All persons and entities who, during the period from May 9, 2019 at 6:59 a.m. ET to March 30, 2020 at 4:33 p.m. ET (the "Class Period"), acquired Cronos shares in the secondary market other than Excluded Persons.

"Excluded Persons" means (i) Cronos and its subsidiaries, affiliates, officers, directors, senior employees, legal representatives, heirs, predecessors, successors and assigns, Michael Gorenstein or Jerry Barbato and any member of their families and any entity in which any of them has or had during the Class Period any legal or de facto controlling interest; and (ii) all persons and entities who sold or otherwise disposed of all their Cronos shares before February 24, 2020 at 7:30 a.m. ET.

There is also a proposed class action captioned In re Cronos Group Inc. Securities Litigation (2:20-cv-01310) filed in the Eastern District of New York (the "U.S. Proceeding") which has been brought against Cronos, Michael Gorenstein and Jerry Barbato on behalf of persons who acquired shares of Cronos during the Class Period on a U.S. stock exchange. The New York court dismissed the U.S. Proceeding with prejudice on November 11, 2023. The plaintiff in the U.S. Proceeding moved for reconsideration of the dismissal of the action on December 1, 2023 and has requested an opportunity to amend his complaint. If the motion for reconsideration is denied, the plaintiff may appeal the dismissal.

Class members who want to participate in the Ontario Cronos Class Action are automatically included and need not do anything at this time. Class members who do not want to be bound by the outcome of the Ontario Cronos Class Action must "opt-out", meaning that they must exclude themselves from the Ontario Cronos Class Action.

If you wish to opt-out of the Ontario Cronos Class Action, you must email or mail A.B. Data, Ltd. (the "Administrator") and provide your name, address, phone number, email address, and the number of Cronos shares you purchased during the Class Period. In order for your opt-out to be valid, your Opt-Out Form must be received or postmarked no later than July 22, 2024 (11:59 p.m. ET).

More information about the Ontario Cronos Class Action and the U.S. Proceeding is available at www.OntarioCronosClassAction.com, or by contacting the Administrator, by mail at: Ontario Cronos Class Action, c/o A.B. Data, Ltd., P.O. Box 173044, Milwaukee, WI 53217; by telephone at (888) 206-3037; or by email at [email protected]. 

You can contact the lawyers representing the plaintiff in the Ontario Cronos Class Action by emailing [email protected] or calling (647) 969-4472.

Source:
Cronos Group Inc. Ontario Securities Class Action

SOURCE Cronos Group Inc.