SAN FRANCISCO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Cronos Group Inc. (NASDAQ: CRON) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Cronos Group Inc. (CRON) Investigation:
In past quarters Cronos has maintained it reports its financial results in accordance with Generally Accepted Accounting Principles, including for its goodwill valuations and making timely impairment charges.
But the company’s public disclosures came into serious question on Nov. 9, 2021, when Cronos announced (1) it would restate its financial statements for the three and six months ended June 30, 2021, and (2) 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.” The company also announced it would not timely file its quarterly report for the period ended Sept. 30, 2021.
This news sent the price of Cronos shares sharply lower on Nov. 9, 2021.
“We’re focused on investors’ losses and whether Cronos knowingly overstated its assets to appear healthier than it actually was,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Cronos and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Cronos should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CRON@hbsslaw.com.
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Reed Kathrein, 844-916-0895