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December 30, 2021

Trulieve Cannabis Corp. Wins Dismissal of Securities Fraud Class Action

King & Spalding defeats Plaintiffs’ Second Amended Complaint (“SAC”) filed against Trulieve Cannabis Corp., its CEO and former CFO in a putative class action in the Northern District of Florida alleging claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.  Trulieve is the largest full-service cannabis company in Florida and was targeted in one of the early securities cases filed against cannabis companies.  Plaintiffs alleged that Defendants made false or misleading statements about its previously reported financial statements and other public statements about its business, operations, and future prospects.  The Court found that the SAC was inadequately pled in multiple respects, and granted Defendants’ Motion to Dismiss with prejudice on December 30, 2021.