July 12, 2021

On July 6, a firm team secured a dismissal for Aurora Cannabis Inc. in a putative securities class action in New Jersey federal court.  Aurora is one of Canada’s largest licensed cannabis producers. Aurora was sued as part of a wave of shareholder lawsuits lodged against companies in the cannabis industry. The plaintiffs alleged that Aurora misrepresented its sales strength without disclosing that sales were decreasing and that it would stop construction on two facilities.

However, Judge John Vazquez said in his opinion that “the court finds that plaintiffs have failed to adequately allege any false or misleading statements” and granted Aurora’s motion to dismiss the amended complaint.

The firm team was led by Partners Stephen L. Ascher, Martin C. Glass, Andrew J. Lichtman, and Howard S. Suskin and included Associates Jeremy H. Ershow, Olivia Hoffman, and former associate Logan Gowdey.