This securities class action relates to the Defendants releasing core and non-core documents that contain alleged misrepresentations that resulted in iAnthus unable to release its 4Q 2019, F/2019, and 1Q 2020 financial results and corresponding management, discussion and analysis. On April 6, 2020, iAnthus reported that it was unable to release its 4Q 2019 and F/2019 audited financial statements. The Plaintiff believes that this admission reflects that all of iAnthus’ quarterly financial statements or management, discussion and analysis must contain errors of material fact or omitted material facts.
Moreover, iAnthus’ former CEO has been forced to resign under questionable circumstances. Other Board members have resigned and iAnthus has omitted to disclose the material facts forming the basis of those resignations. On July 13, 2020, iAnthus announced that it was going to recapitalize that will result in shareholders losing over 97% of their equity interests.
On March 29, 2022, the Plaintiff will be making submissions to the Court, Justice Akbarali, pursuant to s. 138.8 of the Ontario Securities Act, for leave to proceed to advance the statutory claim found at s. 138.3 of the Ontario Securities Act.