The Law Offices of Frank R. Cruz reminds investors of the upcoming June 15, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (OTC: ITHUF) investors who purchased common stock between May 14, 2018 and April 6, 2020, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On April 6, 2020, iAnthus disclosed that it had failed to make certain interest payments, citing the “decline in the overall public equity cannabis markets, coupled with the extraordinary market conditions that began in Q1 2020 due to the novel coronavirus.” iAnthus also revealed an internal investigation regarding related party transactions involving the Company’s Chief Executive Officer, Hadley Ford.
On this news, the Company’s share price fell $0.29, or over 62%, to close at $0.179 per share on April 6, 2020, on unusually heavy trading volume.
The complaint alleges that Defendants failed to disclose that they had the ability to withhold use of the interest payment escrow or that the interest escrow payment was exhausted, diminished, or otherwise unavailable to satisfy the Company’s March 31, 2020 interest payment obligations.
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