Top Class Actions  |  October 11, 2021

Category: Closed Class Actions

Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.

This settlement is closed!

Please see what other class action settlements you might qualify to claim cash from in our Open Settlements directory!

canntrust logo on a smartphone - canntrust class action
(Photo Credit: Ralf Liebhold/Shutterstock)

Global consumers who bought CannTrust Holdings stock in either the secondary market or traceable to CannTrust’s May 6, 2019, secondary offering may be eligible for a payment thanks to an $83 million securities class action lawsuit settlement.

Settlement Class Members include anyone who purchased or acquired common shares of CannTrust between June 1, 2018, and Sep. 17, 2019. 

The Court defines the U.S. Settlement Class (U.S. Securities Claimants) as individuals who purchased CannTrust Holdings stock on the New York Stock Exchange or any U.S.-based trading platform between June 1, 2018, and March 31, 2020. Additionally, the U.S. Settlement Class includes individuals who purchased or acquired CannTrust Holdings common stock in connection with the secondary public offering on or about May 6, 2019.

Those who are not members of the U.S. Settlement Class may be a Canadian and Non-U.S. Securities Claimant. Per the settlement agreement, residency doesn’t determine whether the Class Member is a U.S. Securities Claimant or a Canadian and Non-U.S. Securities Claimant.

In their class action lawsuit, the plaintiff alleges the share price of CannTrust declined after July 8, 2019, when the company received a compliance report from Health Canada that explained how one greenhouse facility in Ontario was non-compliant with legal regulations. This report came as a result of observations by a regulator. 

The class action lawsuit goes on to say the regulator saw cannabis growing in five unlicensed rooms and that the regulator was provided inaccurate information by CannTrust employees.

CannTrust offers both recreational and medical marijuana under the Liiv, Synr.g, and estora brands.

The company denies any wrongdoing but has participated in extensive negotiations with the plaintiff. Using a court-appointed mediator, both parties considered the costs, risks, and potential benefits of continuing to pursue the lawsuit. After careful consideration, both parties have agreed to an $83 million class action settlement.

Class Members who file a claim are eligible to receive a payment from the $83 million compensation fund. 

The exact sum of each Class Member’s payment will hinge on the number of people who file a claim.

Class Members have the right to exclude themselves from or object to the Class by Nov. 11, 2021.

Class Members who do nothing will not get a payment, but they will still be bound by the settlement and give up the right to pursue future lawsuits regarding this matter.

The only way Class Members will receive a payment is if they file a timely claim.

The deadline to file a claim is March 16, 2022.

Who’s Eligible

Settlement Class Members include anyone who purchased or acquired common shares of CannTrust between June 1, 2018, and Sep. 17, 2019.

Potential Award

Varies

Proof of Purchase

Documentation may consist of copies of broker confirmation slips, broker account statements or an authorized statement from your broker containing the transactional information found in a broker confirmation slip.

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

03/16/2022

Case Name

US Case Name:
In Re: CannTrust Holdings Inc. Securities Litigation, Case No. 1:19-cv-06396-jpo, in the U.S. District Court Southern District of New York

CA Case Name:
Hrusa et al. v. CannTrust Holdings Inc. et al., Court File No. CV-19-00623567-00CP, in the Ontario Superior Court of Justice

Final Hearing

12/02/2021

Claims Administrator

Epiq Class Action Services Canada Inc.
Attention: CannTrust Securities Settlements Claims Administrator
P.O. Box 507 STN B
Ottawa ON K1P 5P6
info@CannTrustSecuritiesSettlement.ca
833-871-5359

Class Counsel

Ontario Counsel:
DIMITRI LASCARIS LAW PROFESSIONAL CORPORATION
HENEIN HUTCHINSON LLP
KALLOGHLIAN MYERS LLP
STROSBERG SASSO SUTTS LLP

U.S. Counsel:
LABATON SUCHAROW LLP
WEISZ FELL KOUR LLP

Defense Counsel

SKADDEN ARPS SLATE MEAGHER & FLOM LLP

Read About More Class Action Lawsuits & Class Action Settlements:

We tell you about cash you can claim EVERY WEEK! Sign up for our free newsletter.

12 thoughts onCannTrust $83M Securities Class Action Settlement

  1. Ken Andrews says:

    I applied for the Cann trust holding law suit.I lost 20 thousand dollars because of their actions.On the last minute before it closed they sent me an email saying I didn’t sign the document right and for that I was disqualified how fair is that.I think they looked for any reason not to pay Is there anything I can do.

  2. Suzanne Goudreau says:

    Add me please

Leave a Reply

Your email address will not be published. By submitting your comment and contact information, you agree to receive marketing emails from Top Class Actions regarding this and/or similar lawsuits or settlements, and/or to be contacted by an attorney or law firm to discuss the details of your potential case at no charge to you if you qualify. Required fields are marked *

Please note: Top Class Actions is not a settlement administrator or law firm. Top Class Actions is a legal news source that reports on class action lawsuits, class action settlements, drug injury lawsuits and product liability lawsuits. Top Class Actions does not process claims and we cannot advise you on the status of any class action settlement claim. You must contact the settlement administrator or your attorney for any updates regarding your claim status, claim form or questions about when payments are expected to be mailed out.