According to the Complaint, Aurora Cannabis Inc. purports to produce and distribute cannabis products. It is vertically integrated and horizontally diversified across various segments of the cannabis value chain, including facility engineering and design, cannabis breeding, genetics research, production, derivatives, high value-add product development, home cultivation, wholesale, and retail distribution.
The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Aurora’s revenue would decline in its first quarter of fiscal 2020 ended September 30, 2019; (2) the Company would halt construction on its Aurora Nordic 2 and Aurora Sun facilities; and (3) due to the foregoing, Defendants’ statements about Aurora’s receivables, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On July 23, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. All future docketing was ordered to be done in the lead case 19-CV-20588.
Lead Plaintiffs filed an amended Complaint on September 21, 2020. Defendants filed a Motion to Dismiss the amended Complaint on November 20. On July 6, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.
Lead Plaintiffs filed a second amended Complaint on September 7, 2021. Defendants filed a Motion to Dismiss the second amended Complaint on December 6. On September 23, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. Defendants were given leave to amend the Complaint.
On November 7, 2022, Lead Plaintiffs filed a third amended Complaint. Defendants filed a Motion to Dismiss the third amended Complaint on January 6, 2023. On August 24, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.
On June 7, 2024, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on October 10.
