Shares of Cronos Group plummeted more than 15% on November 9, 2021, after the company announced in an SEC filing that it should have taken an impairment charge of at least $220 million, and that the company would be required to restate its financial statements for three and six months ending June 30, 2021. Gibbs Law Group continues to investigate a potential Cronos Securities Class Action Lawsuit on behalf of investors who lost money in Cronos (NASDAQ: CRON).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Tuesday, November 9, 2021, shares of Cronos substantially dropped when the company announced that it would not file its quarterly report for the period ended Sept. 30, 2021 in a timely manner. That same day, in a filing with the SEC, Cronos disclosed:
- It would restate its financial statements for the three and six months ended June 30, 2021, and
- It should have taken “impairment charge of not less than $220 million on goodwill and indefinite-lived intangible assets in its U.S. reporting unit.”
Following this news, Cronos stock price dropped by as much as 16% in intraday trading on November 9, 2021, causing significant harm to investors.
What Should Cronos Investors Do?
If you invested in Cronos, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Cronos Group has violated federal securities laws by providing false or misleading statements to investors.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
This press release may constitute Attorney Advertising in some jurisdictions under the applicable law and ethical rules.