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NEW YORK–(BUSINESS WIRE)–$HSDEF #classaction–The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Oregon on behalf of those who acquired Harborside, Inc. (“Harborside” or the “Company”) (Other OTC: HSDEF) securities during the period from July 2, 2019 through August 12, 2020 (the “Class Period”). Investors have until November 9, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

The complaint, filed on September 9, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Harborside had undisclosed material weaknesses and insufficient financial controls; (2) Harborside’s previously issued financial statements were false and unreliable; (3) Harborside’s earlier reported financial statements would need restatement; (4) as a result of the foregoing and subsequent reporting delays, Harborside’s Canadian stock trading would be suspended; (5) Harborside downplayed the negative impacts of errors and delays regarding its financial statements; and (6) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On May 29, 2020, the Company issued a press release entitled “Harborside Inc. Announces Intent to Restate Certain Historical Financial Statements and Delay in Filing Annual Financial Statements and MD&A” regarding the newly announced needed financial restatements and the suspension of trading of its Canadian shares. On this news, shares of Harborside fell 2% per share over the next two trading days to close at $0.45 per share on June 2, 2020.

On June 22, 2020, Harborside issued a press release entitled “Harborside Inc. Provides Update to Management Cease Trade Order and Cease Trade Order” regarding its delayed restatements and the continued suspension of trading of its Canadian shares. On this news, shares of Harborside fell 12% per share over the rest of the trading day and the next full trading day to close at $0.45 per share on June 23, 2020.

On June 30, 2020, Harborside issued a press release entitled “Harborside Inc. Provides Update on MCTO and Financial Statement Filings” regarding its delayed restatements and the continued suspension of trading of its Canadian shares. On this news, shares of Harborside fell 7% per share to close at $0.49 per share on July 1, 2020.

On July 10, 2020, Harborside issued a press release entitled “Harborside Inc. Provides Update on Financial Statement Filings” regarding its delayed restatements and the continued suspension of trading of its Canadian shares. On this news, shares of Harborside fell 13% per share to close at $0.46 per share on July 13, 2020.

On August 12, 2020, Harborside filed with the Canadian securities regulatory authorities its Unaudited Restated Condensed Interim Consolidated Financial Statements for the Three and Six Months Ended June 30, 2019 and 2018. On this news, shares of Harborside fell over 5% to close at $0.67 per share on August 13, 2020.

If you acquired Harborside securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at investigations@kmllp.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 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’s website: www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Kirby McInerney LLP

Thomas W. Elrod, Esq., (212) 371-6600

investigations@kmllp.com
www.kmllp.com

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