Cronos Group Inc. Class Action
Overview:
This class action alleges that during the class period, Cronos made misrepresentations in its public disclosure about, among other things, revenue recognition and the strength of its internal controls. When these misrepresentations were corrected, the price of Cronos’s shares went down, causing damages to investors.
Class Definition:
The action was commenced on behalf of:
All persons and entities who, during the period from May 9, 2019 at 6:59 a.m. ET to March 30, 2020 at 4:33 p.m. ET (the ‘Class Period’), acquired Cronos shares in the secondary market other than Excluded Persons.
Latest Updates:
October 10, 2023: The motion judge dismissed the defendants’ forum non conveniens motion and certified this action as a class proceeding.
September 11, 2023: The motions for certification and forum non conveniens were heard on September 11, 2023. The court has reserved its decision.
December 19, 2022: The plaintiff’s motion for certification is scheduled to be heard on September 11, 2023. The defendants have also brought a motion for forum non conveniens.
September 26, 2022: The Court of Appeal granted the appeal of the order dismissing the plaintiff’s motion for leave to proceed and sent the motion for certification to be re-determined to the motion judge.
March 18, 2022: The appeal before the Court of Appeal for Ontario has concluded. The Court of Appeal has reserved its decision.
August 28, 2021: The plaintiff has filed an appeal of the order dismissing the motion for certification and leave to proceed.
July 27, 2021: The plaintiff filed a Notice of Appeal to appeal the order of the motion judge dismissing his motion for certification and leave to proceed.
June 28, 2021: The motion judge dismissed the plaintiff’s motions for certification and leave to proceed. The plaintiff has 30 days to file a notice of appeal.
June 19, 2021: The hearing of the motions for certification and leave to proceed have concluded. Justice Morgan reserved his decision.
April 20, 2021: Cross-examinations are complete and the parties are headed to the motion for certification and leave to proceed scheduled for June 7 - 9, 2021.
October 15, 2020: The parties have agreed to a timetable with the hearing of the motion for certification and leave to proceed scheduled for June 7 - 9, 2021.
June 3, 2020: The Statement of Claim was filed with the Ontario Superior Court of Justice. A copy of the Statement of Claim is available here.
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For inquiries, please complete the form, email cronosgroup@kalloghlianmyers.com or call (647) 243-7381.