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PharmaCielo Ltd.

Case Summary

PharmaCielo Ltd. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 08/31/2020 (Date of last review)

Filing Date: March 06, 2020

According to the Complaint, PharmaCielo, through its subsidiary, PharmaCielo Colombia Holdings S.A.S., purports to cultivate, process, produce, and supply medicinal-grade cannabis oil extracts and related products in Colombia and internationally.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) PharmaCielo engaged in an undisclosed related party transactions with General Extract LLC; (2) PharmaCielo engaged in misleading transactions and loans with General Extract LLC and XPhyto Therapeutics Corp.; (3) PharmaCielo’s Research Technology and Processing Centre was never on-schedule and is delayed; (4) the Rionegro facility is located on a floodplain and contaminated with mold and pesticides from its previous tenants; (5) PharmaCielo’s Cauca Department land has never been utilized by the Company and is idle; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On June 22, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 21.

Company & Securities Information

Defendant: PharmaCielo Ltd.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: PCLOF
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

Daniel Gabbard, et al. v. PharmaCielo Ltd., et al.

COURT: C.D. California
DOCKET #: 20-CV-02182
JUDGE: Hon. Philip S. Gutierrez
DATE FILED: 03/06/2020
CLASS PERIOD START: 06/21/2019
CLASS PERIOD END: 03/02/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint for Violations of the Federal Securities Laws 03/06/2020
2 Order Consolidating Related Actions, Appointing Lead Plaintiff and Approving Selection of Counsel [14] 06/22/2020
3 U.S. District Court Civil Docket 06/24/2020

Reference Complaint

In re PharmaCielo Ltd. Securities Litigation

COURT: C.D. California
DOCKET #: 20-CV-02182
JUDGE: Hon. Philip S. Gutierrez
DATE FILED: 08/21/2020
CLASS PERIOD START: 06/21/2019
CLASS PERIOD END: 03/02/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
  2. Pomerantz LLP
  3. The Schall Law Firm
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Amended Complaint for Violations of the Federal Securities Laws 08/21/2020
2 U.S. District Court Civil Docket 08/31/2020

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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