Did you lose money investing in Aurora Cannabis (ACB)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who suffered losses investing in Aurora Cannabis (ACB) at the recommendation of their financial advisor. If you suffered losses investing in the investment, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim against the brokerage firm that recommended the investment.
Aurora Cannabis (ACB) is a Canadian licensed cannabis producer, headquartered in Edmonton, Canada and trades on the Toronto Stock Exchange under the ticker ACB. As of late September 2018, Aurora Cannabis (ACB) had eight licensed production facilities, five sales licenses, and operations in 24 different countries.
Shares of Aurora Cannabis (ACB) reportedly dropped approximately 11% after the company announced its quarterly results. The company reported a 24% decline in revenue yesterday and is halting production in facilities that are located in Denmark and Canada, according to MarketWatch.
According to one Forbes analyst, pots stocks may never recover because now that is legal, selling marijuana is like selling any other crop. “Selling marijuana was lucrative because it was illegal.” The analyst added that marijuana is a tough business and will get tougher as the market matures. New companies are entering the market and the competition is rapidly increasing.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokerage firms that fail to conduct adequate due diligence on investments they recommend, such as Aurora Cannabis (ACB), or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing in Aurora Cannabis (ACB) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
