VANCOUVER — A Vancouver-based law firm says it has filed a proposed securities class-action lawsuit on behalf of anyone who acquired shares in a B.C. company that recently announced plans to commercialize cocaine.
Adastra Labs CEO Michael Forbes released a statement on Feb. 22 saying the company would "evaluate how the commercialization of fits" with the firm's business model.
Health Canada confirmed the amendment allows Adastra to produce no more than 250 grams of cocaine in 2023, and none can be sold to the general public. Adastra shares, valued at 75 cents on Feb. 22, peaked at $1.33 on March 3 before tumbling to a low of 42 cents on March 8 and the proposed class action is on behalf of those who acquired Adastra common shares between Feb. 22 and March 3.
"When companies make misrepresentations like this, it's usually the investors who trusted them that get hurt the most," Turner says in the statement.
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