NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Cronos Group Inc. (NASDAQ: CRON) resulting from allegations that Cronos may have issued materially misleading business information to the investing public.
On Feb. 24, 2020, Cronos announced, without explanation, it would not be (i) timely filing its Q4 and FY 2019 earnings release and (ii) hosting a conference call with investors previously scheduled for Feb. 27, 2020. In response, the price of Cronos shares sharply fell.
On Mar. 2, 2020, after the market closed, Cronos revealed the existence of "a continuing review by the Audit Committee of the Company's Board of Directors, with the assistance of outside counsel and forensic accountants, of several bulk resin purchases and sales of products through the wholesale channel and the appropriateness of the recognition of revenue from those transactions." The Company further stated it expects to report for FY 2019: (1) a material inventory write-down; (2) a material decrease in gross profit; and, (3) a material increase in operating loss. This news caused the price of Cronos shares sharply decline during after-hours trading.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Cronos investors. If you purchased shares of Cronos please visit the firm’s website at http://www.rosenlegal.com/cases-register-1799.html to join the class action. You may also contact Phillip Kim of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors.
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