NEW YORK, NY / ACCESSWIRE / March 18, 2021 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Champignon Brands Inc. ("Champignon" or "the Company") (OTC PINK:SHRMF). Investors who purchased Champignon securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/shrmf.
The investigation concerns whether Champignon and certain of its officers and/or directors have violated federal securities laws.
On February 17, 2021, Champignon announced that "the Company has determined to withdraw and refile its condensed interim consolidated financial statements and management's discussion & analysis (‘MD&A') for the three and six month periods ended March 31, 2020". The Company advised investors that "[f]or the three and six month periods ended March 31, 2020, the Company previously recognized intangible assets in connection with the acquisitions of Artisan Growers Ltd., Novo Formulations Ltd. and Tassili Life Sciences Corp. (the ‘Acquisitions') that aggregated approximately $12 million," but that subsequently "management determined that the financial statements needed to be restated to correct the accounting for the Acquisitions as the assets do not meet the definition of intangible assets for the purposes of international financial reporting standards and as result will be recorded as transaction costs in the Company's statement of loss and comprehensive loss." The Company also announced that "it was determined that a shareholder and contracted consultant (the ‘Consultant') of the Company was a related party with respect to the Acquisitions." On this news, Champignon's stock price fell roughly $0.08 per share, or 10.78% to close at $0.69 per share on February 17, 2021.
If you are aware of any facts relating to this investigation, or purchased Champignon shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/shrmf. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC