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Case Status:    SETTLED
On or around 03/02/2023 (Date of order of final judgment)

Filing Date: April 10, 2021

According to the Complaint, Champignon Brands Inc. purports to be engaged in the formulation and manufacturing of novel ketamine, ketamine derivatives and other psychedelics, and delivery platforms for nutraceutical and psychedelic medicine while being supported by its psychedelic medicine clinic platform.

The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Champignon had undisclosed material weaknesses and insufficient financial controls; (2) Champignon’s previously issued financial statements were false and unreliable; (3) Champignon’s earlier reported financial statements would need to be restated; (4) Champignon’s acquisitions involved an undisclosed related party; (5) as a result of the foregoing and subsequent reporting delays and issues, the British Columbia Securities Commission would suspend Champignon’s from trading; and (6) as a result, Defendants’ statements about Champignon’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On June 29, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 3.

On February 18, 2022, the parties notified the Court that they had reached an agreement-in-principle to settle the case. The parties entered into a Stipulation and Agreement of Settlement on April 6. On November 4, the Court granted preliminary approval of the Settlement. On March 2, 2023, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

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