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Case Status:    DISMISSED    
On or around 01/11/2022 (Date of order of final judgment)

Filing Date: March 06, 2020

According to the Complaint, PharmaCielo Ltd, 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 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. Defendants filed a Motion to Dismiss the amended Complaint on October 21.

On April 16, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. On May 21, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on August 2. On December 7, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice. On January 11, 2022, the Court entered Final Judgment.

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