Canadians who invested in cannabis stock could cash in on a hefty settlement.
Law firm Berger Montague announced the approval of an $8-million settlement in a class-action lawsuit against Canadian cannabis company Wayland Group Corp. (formerly Maricann Group Corp.). It was approved by the Ontario Superior Court of Justice on March 19.
There are three plaintiffs in three related class actions against Wayland Group Corp., several former executives, and the company’s underwriters, Canaccord Genuity Corp. and RF Securities Clearing LP (formerly GMP Securities L.P.).
According to a decision from the Ontario Superior Court of Justice, the plaintiffs allege that between Dec. 13, 2017 and Aug. 2, 2019, the cannabis company “made misrepresentations or failed to disclose” the status of expansion plans for one of its growing facilities in Langton, Ont., to convince investors to buy its stock.
Wayland Group Corp. eventually disclosed that information, but its stocks fell and the company was delisted.
The law firm says the defendants “deny the allegations and deny any wrongdoing or liability.”
Read the full article at Daliy Hive
