NEW YORK – Investors rights law firm, The Rosen Law Firm P.A., announced this week it filed a class action lawsuit against Trulieve Cannabis Corp. The suit was filed on behalf Trulieve investors who purchased securities during the “class period” September 25, 2018 to December 17, 2019 and seeks to recover damages under federal securities laws.
According to the lawsuit, plaintiffs claim Trulieve made false and/or misleading statements throughout the class period and/or failed to disclose that: “(1) Trulieve overstated its mark-up on its biological assets; (2) therefore, Trulieve’s reported gross profit was inflated; (3) Trulieve engaged in an undisclosed related party real estate sale with defendant [Trulieve Chief Executive Officer Kim Rivers’] husband; and (4) 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.”
Trulieve Cannabis Corp. is a vertically integrated cannabis company operating in Florida, California, Massachusetts, and Connecticut. The company is listed on the Canadian Securities Exchange under the symbol TRUL and on the OTCQX under the symbol TCNNF.
A statement from Trulieve was not available at time of posting.