HEXO Wins Full Dismissal of Putative Québec Shareholder Class Motion
GATINEAU, Québec, January 27, 2023–(BUSINESS WIRE)–HEXO Corp (TSX: HEXO; NASDAQ: HEXO) (“HEXO“, or the “Firm“), a number one producer of high-quality hashish merchandise, introduced in the present day that it has gained an entire dismissal of the putative securities class motion lawsuit pending earlier than the Québec Superior Courtroom towards the Firm and its former Chief Government Officer, filed on November 19, 2019 on behalf of sure major market and secondary market purchasers of securities of the Firm.
As beforehand disclosed, HEXO and its former Chief Government Officer (“Defendants“) had been named in a shareholder class motion lawsuit filed within the province of Québec. The lawsuit asserted causes of motion for misrepresentations and breaches of disclosure obligations below the Québec Securities Act and the Civil Code of Québec in reference to sure statements contained in HEXO’s prospectus, public paperwork and public oral statements between April 11, 2018 and March 27, 2020.
In a 48-page opinion dated January 23, 2023, the Superior Courtroom of Québec dismissed the Plaintiff’s amended movement in its entirety, with prices. The Courtroom agreed with the Defendants that there was “no cheap risk” that the secondary market declare filed below the Québec Securities Act had an affordable probability of success, or that the Plaintiff had demonstrated an controversial case for a major market class motion or a civil legal responsibility class motion “for misrepresentation below the final rules of fault within the civil legislation.” The Plaintiff has a proper to enchantment.
“We’re very glad with the Courtroom’s detailed opinion, which dismissed the Plaintiff’s claims and helps HEXO’s place,” stated Charlie Bowman, CEO and President of HEXO. “This beneficial ruling is vital for our firm as we proceed to construct investor confidence and look to place HEXO for long-term monetary success.”
Ahead Trying Statements
This press launch incorporates forward-looking info and forward-looking statements throughout the which means of relevant securities legal guidelines (“Ahead-Trying Statements“). Ahead-Trying Statements are primarily based on sure expectations and assumptions and are topic to identified and unknown dangers and uncertainties and different elements that would trigger precise occasions, outcomes, efficiency and achievements to vary materially from these anticipated in these Ahead-Trying Statements. Ahead-Trying Statements shouldn’t be learn as ensures of future efficiency or outcomes. Readers are cautioned to not place undue reliance on these Ahead-Trying Statements, which communicate solely as of the date of this press launch. The Firm disclaims any intention or obligation, besides to the extent required by legislation, to replace or revise any Ahead-Trying Statements because of new info or future occasions, or for some other motive.
About HEXO Corp.
HEXO is an award-winning licensed producer of revolutionary merchandise for the worldwide hashish market. HEXO serves the Canadian leisure market with a model portfolio together with HEXO, Redecan, UP Hashish, Authentic Stash, 48North, Path Combine, Bake Sale and Latitude manufacturers, and the medical market in Canada. HEXO is a number one hashish merchandise firm in Canada by leisure market share. For extra info, please go to hexocorp.com.
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Hayley Suchanek, Kaiser & Companions