iAnthus Capital Holdings, Inc. (CSE: IAN and FRA: 2IA)
Ontario Superior Court of Justice, Court File No.: CV-20-644524-00CP
Andrew Morganti and Albert Pelletier have become members of Kim Spencer McPhee Barristers, P.C., and the authoritative page for this securities litigation can now be found at our new website.
This securities class action relates to the Defendants releasing core and non-core documents that contain alleged misrepresentations that resulted in iAnthus unable to release its 4Q 2019, F/2019, and 1Q 2020 financial results and corresponding management, discussion and analysis. On April 6, 2020, iAnthus reported that it was unable to release its 4Q 2019 and F/2019 audited financial statements. The Plaintiff believes that this admission reflects that all of iAnthus’ quarterly financial statements or management, discussion and analysis must contain errors of material fact or omitted material facts.
Moreover, iAnthus’ former CEO has been forced to resign under questionable circumstances. Other Board members have resigned and iAnthus has omitted to disclose the material facts forming the basis of those resignations. On July 13, 2020, iAnthus announced that it was going to recapitalize that will result in shareholders losing over 97% of their equity interests.