Trulieve Cannabis Corp. (OTC: TCNN) Investor Securities Class Action Lawsuit 12/30/2019

If you purchased a significant amount of shares of Trulieve Cannabis Corp. (OTC: TCNN) between September 25, 2018 and December 17, 2019, and / or if you purchased any OTC: TCNN shares prior to September 2018 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: February 28, 2020. OTC: TCNN investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Trulieve Cannabis
Case Name: 
Trulieve Cannabis Shareholder Class Action Lawsuit 12/30/2019
Case Status: 
Lawsuit Filed
Affected Securities
OTC: TCNN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/30/2019
Class Period Begin: 
09/25/2018
Class Period End: 
12/17/2019
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
02/28/2020
Summary: 

An investor in shares of Trulieve Cannabis Corp. (OTC: TCNN) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Trulieve Cannabis Corp. in connection with certain allegedly false and misleading statements made between September 25, 2018 and December 17, 2019.

Quincy, FL based Trulieve Cannabis Corp., together with its subsidiaries, operates as a medical marijuana company.

On December 17, 2019, a report was releaded detailing problems with Trulieve’s operations. According to the report, the Company’s cannabis cultivation space consists of "hoop houses that produce low quality output," its initial licensing process "stinks of corruption," it engages in related-party transactions, and there are ties between the Company and an ongoing FBI investigation.

The dame day, Trulieve Cannabis Corp announced that it is aware of a “short-seller “report released which according to Trulieve Cannabis Corp contained several false, slanderous and misleading statements about Trulieve.

On December 30, 2019, a lawsuit was filed against Trulieve Cannabis Corp. (OTC: TCNN) over alleged securities laws violations.

Shares of Trulieve Cannabis Corp. (OTC: TCNN) declined from $13.57 per share on December 5, 2019 to as low as $9.85 per share on January 8, 2020.

Then on January 10,2020, Trulieve Cannabis Corp. announced that it has filed a lawsuit in Florida state court against the company that released the report on December 17, 2019 alleging, among other claims, defamation for publicly disseminating false and libelous statements about Trulieve to manipulate the stock price and further its own financial interests.

Shares of Trulieve Cannabis Corp. (OTC: TCNN) closed on January 13, 2020 at $10.24 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Trulieve Cannabis Corp. (OTC: TCNN) common shares between September 25, 2018 and December 17, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between September 25, 2018 and December 17, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Trulieve overstated its mark-up on its biological assets, that therefore, Trulieve’s reported gross profit was inflated, that Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers’ husband, and that as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.