On or around 07/14/2020 (Date of last review)
Filing Date: December 30, 2019
According to the Complaint, Trulieve, together with its subsidiaries, purports to operate as a medical marijuana company. The Company cultivates and produces products in-house and distributes its products to Trulieve branded stores (dispensaries) in Florida, as well as directly to patients through home delivery.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Trulieve overstated its mark-up on its biological assets; (2) therefore, Trulieve’s reported gross profit was inflated; (3) Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers’ husband; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On March 20, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. On April 14, the Court issued an Order transferring the case to the Northern District of Florida for further proceedings. The Court issued an Order of Consolidation on April 20, 2020. Lead Plaintiffs filed a consolidated amended Complaint on July 13.
Company & Securities Information
Defendant: Trulieve Cannabis Corp.
Industry: Biotechnology & Drugs
Headquarters: United States
Ticker Symbol: TCNNF
Company Market: OTC-BB
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
David McNear, et al. v. Trulieve Cannabis Corp., et al.
COURT: E.D. New York
DOCKET #: 19-CV-07289
JUDGE: Hon. William F. Kuntz, II
DATE FILED: 12/30/2019
CLASS PERIOD START: 09/25/2018
CLASS PERIOD END: 12/17/2019
PLAINTIFF FIRMS NAMED IN COMPLAINT:
The Rosen Law Firm, P.A. (NY)
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of the Federal Securities Laws
Order Consolidating Related Actions, Appointing Lead Plaintiff, and Approving Lead Plaintiff's Selection of Counsel
U.S. District Court Civil Docket
Order Granting Defendants' Unopposed Motion to Transfer Venue
Monica Acerra, et al. v. Trulieve Cannabis Corp., et al.