Defendant Name: Cronos Group Inc.

Defendant Type: Public Company
SIC Code: 9999
CUSIP: 22717L10

Initial Case Details

Legal Case Name In the Matter of Cronos Group, Inc.
First Document Date 24-Oct-2022
Initial Filing Format Administrative Action
File Number 3-21215
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-13
• Rule 13a-15
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a) (Not specified)
Other
• Rule 13a-16 Exchange Act

Resolutions

First Resolution Date 24-Oct-2022

Related Documents:

33-11123 24-Oct-2022 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On October 24, 2022, the SEC instituted settled cease-and-desist proceedings against Cronos Group Inc., stating: "This matter concerns accounting violations by Cronos, a Canadian cannabis company, which occurred in its first years operating as a U.S. publicly-traded issuer. In 2019, shortly after becoming subject to SEC reporting requirements, Cronos embarked on a significant business expansion, seeking to enter the nascent cannabis vaporizer market. Cronos, however, lacked the requisite familiarity with applicable accounting requirements as well as the appropriate internal accounting controls to prepare financial reports that complied with U.S. reporting requirements."
2022-191 24-Oct-2022 Press Release--Administrative Proceeding
SEC Charges Canadian Cannabis Company and Former Senior Executive with Accounting Fraud
The SEC stated that: ''[It] charged Cronos Group Inc., a Nasdaq-listed cannabis company based in Toronto, for improperly accounting for millions of dollars of revenue and for other accounting misconduct in multiple reporting periods."

Related Actions:

In the Matter of William Hilson, CPA, CA
William Hilson, CPA, CA