1. This is a class action on behalf of purchasers of GrowLife’s securities between November 14, 2013 and April 9, 2014, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
2. GrowLife (formerly Phototron Holdings, Inc.) develops, markets and deploys products and services addressing the needs of legal cannabis growing and retail operations, including hydroponic growing equipment and retail support software.
3. On April 10, 2014, the SEC temporarily suspended trading in the common stock of GrowLife until April 25, 2014. According to the SEC, trading of the Company’s securities was suspended due to questions about accuracy of the Company’s SEC filings and potentially manipulative transactions in the Company’s common stock.
4. On this news, when trading of the Company’s stock resumed on April 25, 2014, shares of GrowLife declined as much as $0.27 per share, or 54%, to $0.23 per share during intraday trading.
5. Throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company had provided inaccurate and/or inadequate information about its stock and engaged in potentially manipulative transactions; (2) that the Company lacked adequate internal and financial controls; and (3) that, as a result of the foregoing, the Company’s statements about GrowLife’s business, operations, and prospects were materially false and misleading at all relevant times.
6. As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.
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