We are investigating Canopy Growth Corporation (CGC) (“Canopy” or the “Company”) for potential violations of the federal securities laws.
On November 14, 2019, Canopy announced its financial results for the second quarter of fiscal year 2020. Among other results, Canopy reported revenue that fell below the lowest analyst estimate and an EBITDA loss of C$155.7 million, which one analyst described as “astounding.” The Company further advised investors that it was unlikely to meet its previous revenue guidance of C$250 million by the fiscal fourth quarter. On this news, Canopy’s stock price fell sharply during intraday trading on November 14, 2019.