SHAREHOLDER ALERT: Law firm Pomerantz is investigating claims on behalf of Champignon Brands Inc. investors – SHRMF | 2021-06-03 | Press Releases
NEW YORK, June 03, 2021 (GLOBE NEWSWIRE) – Pomerantz LLP is investigating claims on behalf of investors in Champignon Brands Inc. (âChampignon & CloseCurlyDoubleQuote; or theâ Company & CloseCurlyDoubleQuote;) (OTCMKTS: SHRMF). These investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation aims to determine whether Champignon and any of its officers and / or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On February 17, 2021, Champignon announced that âthe Company has decided to withdraw and re-file its condensed interim consolidated financial statements and management report (‘MD & A & CloseCurlyQuote;) for the three and six month periods ended March 31, 2020 & CloseCurlyDoubleQuote ;. The Company informed investors that â[f]or for the three and six month periods ended March 31, 2020, the Company had previously recognized intangible assets in connection with the acquisitions of Artisan Growers Ltd., Novo Formulations Ltd. and Tassili Life Sciences Corp. (the âAcquisitions & CloseCurlyQuoteâ) which totaled approximately $ 12 million, âbut that subsequentlyâ management determined that the financial statements should be restated to correct the accounting for acquisitions as the assets do not meet the definition of intangible assets for the purposes of International Financial Reporting Standards and, therefore, will be recorded as transaction costs in the company’s overall loss and loss statement. âThe Company also announced thatâ it has been determined that a shareholder and contractual consultant (the “Consultant & CloseCurlyQuote;) of the Company was a related party with respect to the Acquisitions. & CloseCurlyDoubleQuote;
On this news, Champignon ‘stock price fell about $ 0.08 per share, or 10.78% to close at $ 0.69 per share on February 17, 2021.
Pomerantz, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading firms in the areas of corporate law, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as the Dean of the Class Actions Bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, Pomerantz continues the tradition it established, fighting for the rights of victims of securities fraud, breach of fiduciary duty and professional misconduct. The firm has recovered numerous multi-million dollar damages on behalf of the members of the group. See www.pomerantzlaw.com
Robert S. Willoughby