Cronos Stock Crashes Today Amid Lawsuit Against The Company: What To Expect?

Cronos Group Inc. is a cannabinoid company. The company is focused on the research, technology, and development of cannabis products. Today, the price illustrates a negative tends even in the pre-market trading session by 2%. However, during the month, the price is markedly deteriorated from $6.7000 to $4.6300 by composing a 30% loss. Besides, Pomerantz LLP is investigating claims on behalf of investors of Cronos Group Inc. Hence, Cronos and some of its officials and directors are being investigated to see if they engaged in securities fraud or other illegal business practices.

According to the lawsuit, Cronos’ stock dropped on November 9, 2021, when the business said it would not release its quarterly report for September 30, 2021. On the same day, in a statement to the SEC, Cronos admitted that it would be required to resubmit previously published financial statements for three and six months and would have to accept “impairment charges of at least US$ 220 million on goodwill and intangible assets with an indefinite service life in its reporting unit in the United States.” As mentioned above, on this news, Cronos’s stock price crashed to $1.01, losing by 15.05%, on November 9, 2021. What Should Cronos Investors Do? Investors in this situation should contact Robert S. Willoughby.