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NEW YORK, NY / ACCESSWIRE / September 23, 2019 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Sundial Growers Inc. ("Sundial" or the "Company") (NASDAQ:SNDL). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/sndl.
The investigation concerns whether Sundial and certain of its officers and/or directors have violated federal securities laws.
On August 1, 2019, Sundial closed its initial public offering ("IPO") and sold 11 million shares at $13.00 per share for gross proceeds of $143 million. Its Registration Statement stated that it produces "high-quality, consistent cannabis."
On August 14, 2019, Zenabis Global Inc. ("Zenabis") announced that "[c]ertain third-party producers failed to supply saleable cannabis in line with contractual obligations. Due to quality issues, Zenabis had to return or reject a total of 554 kg of cannabis from a third-party."
On August 19, 2019, MarketWatch reported that Sundial sold the cannabis to Zenabis. The article continued that the cannabis was returned "because it contained visible mold, parts of rubber gloves and other non-cannabis material, according to people familiar with the matter." That same day, Sundial confirmed that it was settling an "isolated immaterial matter between Sundial and [a] Licensed Producer."
Since the IPO, Sundial stock has traded as low as $7.86 per share, or roughly 40% below the $13 IPO price.
If you are aware of any facts relating to this investigation, or purchased Sundial shares,you can assist this investigation by visiting the firm's site: www.bgandg.com/sndl. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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https://www.accesswire.com/560515/Bronstein-Gewirtz-Grossman-LLC-Announces-Investigation-Against-Sundial-Growers-Inc-SNDL