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MATTER OF SUNDIAL GROWERS, INC. SEC. LITIG.

655178/19. Appeal No. 13141. Case No. 2020-02704.

191 A.D.3d 543 (2021)

138 N.Y.S.3d 330

2021 NY Slip Op 01014

In the Matter of Sundial Growers, Inc. Securities Litigation. Trisha Peters et al., Appellants, v. Sundial Growers, Inc., et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided February 16, 2021.

Attorney(s) appearing for the Case

Kaplan Fox & Kilsheimer LLP, New York ( Robert N. Kaplan of counsel), for appellants.

Shearman & Sterling LLP, New York ( Adam S. Hakki of counsel), for respondents.

Concur— Manzanet-Daniels, J.P., Webber, Oing, Kennedy, JJ.

The statements in the offering materials that defendant Sundial Growers, Inc. produced "high quality" and "premium" cannabis were non-actionable puffery (Ong v Chipotle Mexican Grill, Inc., 294 F.Supp.3d 199, 232 [SD NY 2018]).

To the extent the statements were more than puffery, they were non-actionable opinion (Abramson v Newlink Genetics Corp., 965 F.3d 165, 173 [2d Cir 2020]).

Moreover, the risk disclosures in the offering materials expressly...

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