Overview
Case Number: 2003-12747
Practice Area: Canada Securities Investor Protection
Court: Court of King's Bench of Alberta
Ticker Symbol: TSX: "ACB" and FRA: "21P1"
Class Period Start Date: 12/09/2019
Class Period End Date: 20/12/2019
Table of Contents
CUSIP: 00005156X and 05156X884
ISIN: CA05156X8843
Status: Ongoing, next step is the plaintiffs’ motions for permission to proceed and certification on May 13 & 14, 2027
TORONTO – July 3, 2025 – The Court denied Aurora Cannabis Inc.’s application to strike the plaintiff’s amended statement of claim as an abuse of process, or, alternatively, disallow the addition of an investor to the pleading and other amendments, including the clarification of the two forms of remedies being sought by the investors.
TORONTO – April 23, 2026 – Significant appellate win where the Alberta Court of Appeal dismissed the company’s attempt to strike the plaintiffs’ claims. Read more here.
Case Background
This class action alleges that Aurora Cannabis Inc. and certain executives misled investors about the company’s financial health and sales prospects over the class period of September 12, 2019 to December 20, 2019.
Between September and October 2019, Aurora and its executives made a series of upbeat public statements—through quarterly reports, an annual report, an investor call, and news releases—claiming that cannabis sales were strong and growing, that consumer demand was outpacing what the company could supply, and that construction of new production facilities was on track to meet that demand. The complaint alleges these statements were false: in reality, Aurora was producing far more cannabis than consumers wanted to buy, and the company knew its expansion plans didn’t match actual market demand. These misrepresentations allegedly inflated Aurora’s stock price by making the company look healthier than it was.
The truth began to emerge on November 14, 2019, when Aurora released quarterly results showing sales had dropped 25%, distribution problems were mounting, and losses had grown substantially compared to the prior quarter. Aurora also announced it was halting or delaying construction at two major facilities. The day after this disclosure, Aurora’s stock price fell about 18%.
Shortly afterward, additional negative news emerged such as reports that German regulators had barred pharmacies from selling Aurora’s products and the company’s Chief Corporate Officer resigned.
Read more about the case here
Law 360 Canada – Court rejects cannabis company’s appeal to strike investor claims in putative class action
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