Cronos Group To Restate Unaudited Interim Financial Statements

Cronos Group To Restate Unaudited Interim Financial Statements

Cronos Group Investors With Losses Greater Than $25,000 Encouraged To Contact Kehoe Law Firm, P.C.

Kehoe Law Firm, P.C. is investigating whether Cronos Group Inc. (“Cronos” or the “Company”) (NASDAQ: CRON) violated federal securities laws.

Cronos investors should be aware that Cronos filed a Form 8-K, dated November 9, 2021, which stated that “[o]n November 8, 2021, Cronos Group Inc. . . . determined that it will be required to restate its previously issued unaudited interim financial statements for the three and six months ended June 30, 2021 previously filed on Form 10-Q on August 6, 2021.”

Cronos reported that “[t]he Company’s financial statements for this period should therefore no longer be relied upon.”

Cronos also reported that “. . . the Company concluded that it should have recorded an impairment charge of not less than $220 million on goodwill and indefinite-lived intangible assets in its U.S. reporting unit for the three and six months ended June 30, 2021. The Company will restate its unaudited interim financial statements for the three and six months ended June 30, 2021, accordingly.” According to Cronos, it “. . . is also evaluating whether to record an additional impairment in the three and nine months ended September 30, 2021.”

Cronos stock was down more than 15% during intraday trading on November 9, 2021, thereby injuring investors.

CRONOS INVESTORS THAT ACQUIRED THE COMPANY’S STOCK AND SUFFERED LOSSES GREATER THAN $25,000 WHO WISH TO DISCUSS KEHOE LAW FIRM’S SECURITIES CLASS ACTION INVESTIGATION OR HAVE QUESTIONS ABOUT POTENTIAL LEGAL CLAIMS ARE ENCOURAGED TO COMPLETE THE FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT EITHER JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, [email protected], OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, [email protected], [email protected].
Kehoe Law Firm, P.C.