NEW YORK, Jan. 13, 2020 (GLOBE NEWSWIRE) — Attorney Advertising– Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Trulieve Cannabis Corp. (“Trulieve” or the Company”) (OTKMKT: TCNNF) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Trulieve securities between September 25, 2018 and December 17, 2019, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/tcnnf.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Trulieve overstated its mark-up on its biological assets; (2) therefore, Trulieve’s reported gross profit was inflated; (3) Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers’ husband; and (4) 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 December 17, 2019, Grizzly Research published an article reporting that most of the Company’s cultivation space comes from “hoop houses that produce low quality