Case Status: ONGOING
CLASS PERIOD START: March 27, 2020
CLASS PERIOD END: February 17, 2021
According to the Complaint, Champignon Brands Inc. purports to be engaged in the formulation and manufacturing of novel ketamine, ketamine derivatives and other psychedelics, and delivery platforms for nutraceutical and psychedelic medicine while being supported by its psychedelic medicine clinic platform.
The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Champignon had undisclosed material weaknesses and insufficient financial controls; (2) Champignon’s previously issued financial statements were false and unreliable; (3) Champignon’s earlier reported financial statements would need to be restated; (4) Champignon’s acquisitions involved an undisclosed related party; (5) as a result of the foregoing and subsequent reporting delays and issues, the British Columbia Securities Commission would suspend Champignon’s from trading; and (6) as a result, Defendants’ statements about Champignon’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.