According to the Complaint, iAnthus Capital Holdings, Inc. is a holding company and, “[t]hrough its wholly-owned subsidiaries, the Company’s principal business activity is to provide Shareholders with diversified exposure to best-in-class licensed cannabis cultivators, processors and dispensaries throughout the United States” by “acquir[ing] and operat[ing] a diversified portfolio of cannabis licenses and investments for Shareholders.”

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's ability to pay its interest obligations under various debenture agreements. As a result of Defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.

This case was voluntarily dismissed on April 20, 2020. A related case continues under Docket 20-CV-03135.

On July 9, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 20-CV-03135.

Lead Plaintiff filed a consolidated amended Complaint on September 4, 2020. Defendants filed Motions to Dismiss the consolidated amended Complaint on November 20. On August 30, 2021, the Court issued an Order granting Defendants' Motions to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed a second consolidated amended Complaint on November 3, 2021. Defendants filed a Motion to Dismiss the second consolidated amended Complaint on December 20. On September 28, 2022, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

On March 21, 2023, the parties entered into a Stipulation and Agreement of Settlement. On May 25, the Court issued an Order denying the Motion for preliminary approval of the Settlement.