Traders Unite!

Harborside Deadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Harborside Inc. To Contact The Firm

View photos

New York, New York–(Newsfile Corp. – September 16, 2020) –  Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Harborside Inc. (“Harborside” or the “Company”) (OTC: HSDEF) of the November 9, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Harborside stock or options between July 2, 2019 and August 12, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/HSDEF. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the District of Oregon on behalf of all those who purchased Harborside securities between July 2, 2019 and August 12, 2020 (the “Class Period”). The case, Shahrohkimanesh v. Harborside, Inc. et al., No. 3:20-cv-01551 was filed on September 8, 2020 and has been assigned to Judge Michael W. Mosman.

As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Harborside had undisclosed material weaknesses and insufficient financial controls; (2) Harborside’s previously issued financial statements were false and unreliable; (3) Harborside’s earlier reported financial statements would need restatement; (4) as a result of the foregoing and subsequent reporting delays, Harborside’s Canadian stock trading would be suspended; (5) Harborside downplayed the negative impacts of errors and delays regarding its financial statements; and (6) as a result, defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On May 29, 2020, Harborside issued a press release entitled “Harborside Inc. Announces Intent to Restate Certain Historical Financial Statements and Delay in Filing Annual Financial Statements and MD&A.” Specifically, Harborside disclosed that “the previously issued financial statements for the fiscal years ended December 31, 2017 and 2018 and the interim periods ended March 31, 2019, June 30, 2019 and September 30, 2019, and any corresponding management’s discussion and analyses . . . will be restated and reissued.”

On this news, shares of Harborside fell 2% per share over the next two trading days to close at $0.45 per share on June 2, 2020, damaging investors.

Then, on June 22, 2020, Harborside issued a press release, entitled “Harborside Inc. Provides Update to Management Cease Trade Order and Cease Trade Order,” stating that Harborside “continues to expect to file the Annual Filings and Restated Audit no later than July 10, 2020,” and that, “[a]s required under Canadian securities laws, [Harborside] will provide a further update on or about June 30, 2020.”

On this news, the Company’s stock price fell over the rest of the trading day and the next full trading day to close at $0.45 per share on June 23, 2020, further damaging investors.

Thereafter, on June 30, 2020, Harborside issued a press release, entitled “Harborside Inc. Provides Update on MCTO and Financial Statement Filings,” which stated that Harborside continues to expect to file the Annual Filings, as well as the financial statements for the fiscal years ended December 31, 2017 and 2018, no later than July 10, 2020.

On this news, shares of Harborside fell 7% per share, to close at $0.49 per share on July 1, 2020, further damaging investors.

On July 10, 2020, Harborside issued a press release, entitled “Harborside Inc. Provides Update on Financial Statement Filings,” which stated that “despite significant effort and progress to date, [Harborside] does not expect to complete the filing of the Restated Audit and Annual Filings by its previously expected filing date of July 10, 2020.”

On this news, shares of Harborside fell 13% per share, to close at $0.46 per share on July 13, 2020, on unusually heavy trading volume, further damaging investors.

Finally, on August 12, 2020, Harborside filed with the Canadian securities regulatory authorities its Unaudited Restated Condensed Interim Consolidated Financial Statements for the Three and Six Months Ended June 30, 2019 and 2018 – which included a summary of the restatement’s impact.

Also on August 12, 2020, after market hours, Harborside filed with the Canadian securities regulatory authorities its Unaudited Restated Condensed Interim Consolidated Financial Statements for the Three and Nine Months Ended September 30, 2019 and 2018.

On this news, shares of Harborside fell over 5%, to close at $0.67 per share on August 13, 2020, further damaging investors.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Harborside’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

View photos

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63912

Comments are closed.