TORONTO–(BUSINESS WIRE)–Kalloghlian Professional Corporation (“KPC”) announced today that a proposed class action has been commenced against CannTrust Holdings Inc. (“CannTrust“) (TSX: TRST), certain of its current and former directors and officers, its auditor KPMG LLC, and certain underwriters and selling shareholders involved in CannTrust’s May 2019 primary market share offering.
KPC will be working together with A. Dimitri Lascaris Law Professional Corporation as co-counsel in this action.
The proposed class action was commenced in the Ontario Superior Court of Justice and is brought on behalf of all persons (excluding certain persons associated with the defendants) that (i) acquired CannTrust’s securities in the May 2019 primary market offering; and/or (ii) acquired CannTrust’s securities in the secondary market between October 1, 2018 and the close of trading on the TSX on July 23, 2019 (together, the “Class Members“).
The action alleges that between October 1, 2018 and July 23, 2019, CannTrust failed to disclose material information and made misrepresentations in its public disclosures about, among other things, the compliance of its facilities with applicable laws and regulations. The action alleges that when the falsity of the information was revealed, the price of CannTrust’s securities dropped significantly, causing damage to the Class Members.
The plaintiffs seek compensation and/or damages for the Class Members for misrepresentation, negligence, conspiracy and oppression.
Kalloghlian Professional Corporation