We want to address erroneous media coverage regarding the class action lawsuits filed against our company alleging violations of the U.S. securities laws. While we cannot comment on specific customer relationships due to contractual confidentiality and normally would not respond to pending legal matters, we are compelled to issue this statement.
The lawsuits stem from a single online article, which erroneously described a since-resolved commercial dispute. All of our customer agreements include provisions to replace or return product under certain conditions. The amount of product returned was a fraction of the 554 kilograms erroneously quoted in the article. The return represented a minimal percentage of our total production to date, had no impact on our second quarter financial results and is expected to have a negligible impact on our third quarter earnings.
Sundial has always been compliant with Health Canada regulations in our world-class facilities, including the most recent inspection of our flagship facility in Olds, Alberta in September 2019. Sundial’s products and quality processes continue to follow Good Production Practices (GPP) in accordance with Health Canada standards. At no point have our facilities stopped producing and selling our high quality cannabis products.
Torsten Kuenzlen, CEO of Sundial says, “We strongly believe that Sundial did not mislead investors and disclosed all material information to investors in our IPO. We are therefore confident that the class action lawsuits filed against Sundial are completely without merit and intend to vigorously defend our company in these matters.”
We remain focused on what has made us successful: the sustainable growth of our business through a commitment to producing safe, innovative and high-quality products that consumers desire.
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