HEXO Wins Complete Dismissal of Putative Québec Shareholder Class Action
27 Janvier 2023 - 1:00PM
Business Wire
HEXO Corp (TSX: HEXO; NASDAQ: HEXO) (“HEXO”, or the
“Company”), a leading producer of high-quality cannabis
products, announced today that it has won a complete dismissal of
the putative securities class action lawsuit pending before the
Québec Superior Court against the Company and its former Chief
Executive Officer, filed on November 19, 2019 on behalf of certain
primary market and secondary market purchasers of securities of the
Company.
As previously disclosed, HEXO and its former Chief Executive
Officer (“Defendants”) were named in a shareholder class
action lawsuit filed in the province of Québec. The lawsuit
asserted causes of action for misrepresentations and breaches of
disclosure obligations under the Québec Securities Act and the
Civil Code of Québec in connection with certain statements
contained in HEXO’s prospectus, public documents and public oral
statements between April 11, 2018 and March 27, 2020.
In a 48-page opinion dated January 23, 2023, the Superior Court
of Québec dismissed the Plaintiff’s amended motion in its entirety,
with costs. The Court agreed with the Defendants that there was “no
reasonable possibility” that the secondary market claim filed under
the Québec Securities Act had a reasonable chance of success, or
that the Plaintiff had demonstrated an arguable case for a primary
market class action or a civil liability class action “for
misrepresentation under the general principles of fault in the
civil law.” The Plaintiff has a right to appeal.
“We’re very satisfied with the Court’s detailed opinion, which
dismissed the Plaintiff’s claims and supports HEXO’s position,”
said Charlie Bowman, CEO and President of HEXO. “This favourable
ruling is important for our company as we continue to build
investor confidence and look to position HEXO for long-term
financial success.”
Forward Looking Statements
This press release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities laws (“Forward-Looking Statements”).
Forward-Looking Statements are based on certain expectations and
assumptions and are subject to known and unknown risks and
uncertainties and other factors that could cause actual events,
results, performance and achievements to differ materially from
those anticipated in these Forward-Looking Statements.
Forward-Looking Statements should not be read as guarantees of
future performance or results. Readers are cautioned not to place
undue reliance on these Forward-Looking Statements, which speak
only as of the date of this press release. The Company disclaims
any intention or obligation, except to the extent required by law,
to update or revise any Forward-Looking Statements as a result of
new information or future events, or for any other reason.
About HEXO Corp.
HEXO is an award-winning licensed producer of innovative
products for the global cannabis market. HEXO serves the Canadian
recreational market with a brand portfolio including HEXO, Redecan,
UP Cannabis, Original Stash, 48North, Trail Mix, Bake Sale and
Latitude brands, and the medical market in Canada. HEXO is a
leading cannabis products company in Canada by recreational market
share. For more information, please visit hexocorp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230127005053/en/
For HEXO media or investor inquiries: Hayley Suchanek,
Kaiser & Partners hayley.suchanek@kaiserpartners.com
HEXO (NASDAQ:HEXO)
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