TORONTO–(BUSINESS WIRE)–On January 18, 2023, the shareholders’ motion to certify the causes of action and proceeding against Auxly Cannabis Group, Inc. (“XLY”) will be heard. If you purchased Auxly’s securities between September 20, 2018 and February 7, 2019, your rights may be affected by the pending motion to certify the causes of action against XLY. You are not required to contribute the financing of the costs associated with this class action. Morganti & Co. is financing the litigation and will be reimbursed if there is a court approved resolution.
On June 16, 2021, the Ontario Superior Court of Justice granted the shareholder’s motion to grant leave to proceed with the statutory cause of action found at section 138.3 of the Ontario Securities Act; and on November 11, 2021, the Divisional Court denied XLY’s motion to appeal the leave to proceed order.
The shareholders’ dispute with Auxly concerns investor documents containing alleged misrepresentations of material fact about the status of the completion date for the renovations being made to the facility in Cobourg, Ontario (the “Facility”) pursuant to the agreement Auxly had with FSD Pharma, Inc. (“HUGE”), as well as misrepresentations Auxly made about the date for planting of first-harvest of cannabis at the Facility.
If you purchased Auxly’s securities after September 20, 2018, you are encouraged to register on our Firm’s informational page found here: https://morgantico.com/auxly-cannabis-group-inc/.
About Morganti & Co. You may learn more about Morganti & Co. online at www.morgantico.com. The Firm also represents investors in litigation against Aphria Inc. (TSX: “APHA”) and Wayland Group Corp. (formerly known as “Maricann”) (CSE: “WAYL”). Morganti & Co. also represented investors that purchased shares of FSD Pharma, Inc. that has since been resolved.
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