Michael Schrag
Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On March 2, 2020, after the close of trading, Cronos Group Inc. disclosed an Audit Committee investigation into its revenue recognition for certain product sales, and announced it would not file its 2019 Annual Report on time. On this news, Cronos Group (NASDAQ: CRON) stock dropped by 12% in intraday trading, causing harm to investors.
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Cronos Group Stock News: CRON misses filing 2019 report on time, expects to report an inventory write-down
On March 2, 2020 after the market closed, Cronos Group announced it had requested an extension from the SEC to file its Form 10-K for 2019. Cronos Group further said it can give “no assurance” that it will be able to meet the extended deadline.
The company also admitted that the delay is due to an Audit Committee investigation regarding several bulk resin purchases and wholesale product sales, and whether the revenue from those transactions were appropriately recognized.
Though the review is ongoing, Cronos Group stated that it expects to report a material inventory write-down for 2019.
On this news, Cronos Group’s stocks dropped nearly 12% on March 3, 2020 to close at $5.32 per share, causing significant harm to investors.
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