Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Neptune Wellness Solutions Inc. (NEPT)
LOS ANGELES, April 15, 2021 (GLOBE NEWSWIRE) – Glancy Prongay & Murray LLP (“GPM”) is reminding investors of the upcoming development May 17, 2021 Deadline for filing a lead plaintiff motion in the class action filed on behalf of investors who have intervened or otherwise acquired securities of Neptune Wellness Solutions Inc. (“Neptune” or the “Company”) (NASDAQ: NEPT) July 24, 2019 and February 16, 2021including (the “Class Period”).
If you have suffered a loss on your Neptune investment or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can find your contact information at https://www.glancylaw.com/cases / Submit neptune-wellness -solutions-inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or email Shareholder@glancylaw.com to learn more about your rights.
In June 2019, Neptune acquired SugarLeaf Labs, LLC and Forest Remedies LLC (collectively “SugarLeaf”), a registered North Carolina-based commercial hemp company that provides extraction services and formulated products.
On February 15, 2021, Neptune announced a net loss of CA $ 73.8 million for the third quarter of 2021, attributable in part to an impairment of CA $ 35.6 million on goodwill and an impairment of property, plant and equipment and rights of use of CA $ 2.1 million is due to the acquisition of SugarLeaf in July 2019 “and the accelerated depreciation of CA $ 13.95 million” also in connection with the acquisition of SugarLeaf “.
In that news, Neptune’s share price fell $ 0.86 per share, or 30.71%, to close at $ 1.94 per share on February 16, 2021, hurting investors.
On February 17, 2021, before the market opened, Neptune released a press release announcing the termination of a market offering conducted by the company that would have generated gross proceeds of $ 18.6 million. Immediately thereafter, Neptune issued a second press release announcing that the company is making a $ 55 million registered direct offering.
The story goes on
In the news, Neptune’s share price fell $ 0.21 per share, or 10.82%, to close at $ 1.73 per share on February 17, 2021, further hurting investors.
The complaint filed alleges that during the entire classroom period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, operations and prospects of the company. Specifically, Defendants have failed to advise investors that: (1) the cost of Neptune’s integration of the assets and operations acquired in the SugarLeaf Acquisition would be greater than recognized by the Company, placing a material adverse effect on the Company’s capital reserves; (2) Accordingly, it was reasonably foreseeable that the company would have to launch additional stock offers in order to raise more capital. and (3) as a result, defendants’ statements about their business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times.
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If you purchased or otherwise acquired Neptune securities during the class period, you can move the court at the latest May 17, 2021 to seek appointment as the lead plaintiff in this alleged class action lawsuit. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action or have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email email@example.com, or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224