Shareholder Alert: Robbins LLP is Investigating Sundial Growers Inc. (SNDL)
September 6, 2019 (San Diego, CA & Calgary, Alberta) – Shareholder rights law firm Robbins LLP informs shareholders that it is investigating Sundial Growers Inc. (NASDAQ: SNDL) for potential violations of federal securities laws pursuant to its August 2019 initial public offering (“IPO”). Sundial completed its IPO on August 1, 2019, offering shares at $13.00 and generating proceeds of $143 million. In Sundial’s Registration Statement for its IPO, it touted the Company’s production of “high-quality, consistent cannabis.” However, on August 19, 2019, Marketwatch reported that Zenabis Global returned a shipment of more than 1,200 lbs. of cannabis to Sundial “because it contained visible mold, parts of rubber gloves and other non-cannabis material.” Despite Sundial assuring the incident was an “isolated immaterial matter,” its stock has significantly declined. Sundial’s stock currently trades at $7.70 a share, a decline of 40% from its IPO price. Sundial produces, distributes, and sells cannabis for medical and adult recreational access in Canada.
