Law firm fishing for Canopy Growth whistleblowers

Published on June 2, 2023 by oz. staff

Workers pack cannabis inside Canopy Growth.

A law firm is fishing for whistleblowers in a class action lawsuit it’s filed against Canopy Growth—dangling a possible monetary reward.

The potential securities fraud suit filed by US-firm Berger Montague stems from an error with Canopy Growth’s financial statements—specifically “material misstatements” about BioSteel Sports Nutrition’s sales.

Following that news in May, Canopy’s stock sunk 14.8% on May 11, 2023, closing at $1.04 per share on heavy trading volume, says the firm.

The suit has not yet been judicially approved.

Now looking for inside info

Berger Montague says there’s potential to get paid for tips by the Securities and Exchange Commission.

“Anyone with non-public information regarding Canopy is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC Whistleblower program,” says the news release.

“Under this program, whistleblowers who provide original information may receive rewards totalling up to 30% of recoveries obtained by the SEC.”

There is no dollar estimate provided in the release.

Those who purchased Canopy securities between May 31, 2022, and May 10, 2023 are eligible to jump in. The deadline to inquire is July 24. More info at the firm’s website.

Canopy’s cannabis brands include Tweed, Doja, Ace Valley, 7Acres, Hi Way, Deep Space, Spectrum Therapeutics, Martha Stewart CBD, as well as Storz & Bickel.