NEW YORK, Aug. 24, 2019 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Curaleaf Holdings, Inc. ("Curaleaf" or the "Company") (OTCMKTS: CURLF) and certain of its officers. The class action, filed in United States District Court, for the Eastern District of New York, and indexed under 19-cv-04640, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired publicly traded Curaleaf securities between November 21, 2018 and July 22, 2019, inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Curaleaf securities during the class period, you have until October 4, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Curaleaf purports to operate as an integrated medical and wellness cannabis operator in the United States. Curaleaf is incorporated in Canada and has headquarters in Massachusetts. Curaleaf operates within this judicial district.
The Complaint alleges that throughout the Class Period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the defendants failed to disclose to investors that: (i) Curaleaf, on its website and social media pages, marketed its CBD products to be used as drugs and dietary supplements, contrary to law; (ii) Curaleaf also sold unapproved animal drugs on its website; (iii) such conduct would result in a warning letter from the U.S. Food and Drug Administration ("FDA"); and (iv) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On July 22, 2019, the FDA sent a warning letter to Curaleaf regarding several CBD products sold at http://curaleafhemp.com (the "Warning Letter"). The Warning Letter noted that Curaleaf was selling unapproved new and misbranded drugs, improperly marketing its CBD products as dietary supplements, and selling unapproved new animal drugs in violation of the Federal Food, Drug, and Cosmetic Act.
On this news, shares of Curaleaf fell $0.58 per share, or 7.27%, to close at $7.40 per share on July 23, 2019, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP