GLOBE NEWSWIRE, 08 October 2020
A The Portnoy Law Firm advises Aurora Cannabis Inc. (“Aurora” or the “Company”) (NYSE: ACB) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors. The investigation focuses on allegations that Aurora may have issued misleading information to the investing public.
A press release was issued by Aurora on September 8, 2020, “announcing] an update on its business operations along with certain unaudited preliminary fiscal fourth-quarter 2020 results.” Aurora announced that the Company expected to record up to $1.8 billion in goodwill impairment charges in the fourth quarter of 2020. Aurora also announced that “previously announced fixed asset impairment charges [were] now expected to be up to $90 million, due to production facility rationalization, and a charge of approximately $140 million in the carrying value of certain inventory, predominantly trim, in order to align inventory on hand with near term expectations for demand.”