Canopy Growth Settles Securities Class Action

On behalf of Canopy Growth and its senior former and current officers, Skadden successfully settled a putative securities class action filed in the U.S. District Court for the District of New Jersey after obtaining dismissal of the second amended complaint. The lead plaintiffs asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act alleging that the defendants misled investors regarding, among other things, Canopy’s inventory levels and the potential growth of the Canadian recreational cannabis market.