A B.C. investor has launched a class-action lawsuit against Canopy Growth Corp., one of Canada’s largest cannabis companies.
It said Canopy had announced its year-over-year increase was “primarily due to the continued strong performance by Storz and Bickel and growth in our BioSteel business.”
The company released a number of quarterly statements and a fiscal year-end statement on March 31, 2022, that contained errors that overstated revenues for BioSteel, the writ alleged. Asmaro said in his court filing that after the report was released, stock prices for Canopy were $1.67 on May 9, dropping to $1.62 on May 10 and to $1.39 on May 11, a 17-per-cent loss.Article content
“They had direct responsibility for ensuring the accuracy of the financial statements,” the writ said.
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