NEW YORK, NY / ACCESSWIRE / December 7, 2021 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers ofCronos Group, Inc. ("Cronos" or the "Company") (NASDAQ:CRON). Investors who purchased Cronos sharesare encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/cron.
The investigation concerns whether Cronos and certain of its officers and/or directors have violated federal securities laws.
On November 9, 2021, Cronos filed a Form 8-K with the U.S. Securities and Exchange Commission, stating that "[o]n November 8, 2021, Cronos Group Inc. . . . determined that it will be required to restate its previously issued unaudited interim financial statements for the three and six months ended June 30, 2021 previously filed on Form 10-Q on August 6, 2021" and advising that "[t]he Company's financial statements for this period should therefore no longer be relied upon." Cronos further stated that "[t]he Company concluded that it should have recorded an impairment charge of not less than $220 million on goodwill and indefinite-lived intangible assets in its U.S. reporting unit for the three and six months ended June 30, 2021. The Company will restate its unaudited interim financial statements for the three and six months ended June 30, 2021, accordingly." According to Cronos, the Company "is also evaluating whether to record an additional impairment in the three and nine months ended September 30, 2021." On this news, Cronos's stock price fell $1.01 per share, or 15.05%, to close at $5.70 per share on November 9, 2021.
If you are aware of any facts relating to this investigation or purchased Cronos shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/cron. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson 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.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz and Grossman, LLC