Law360 (June 18, 2020, 7:47 PM EDT) — Embattled cannabis giant MedMen said it settled an investor lawsuit claiming the company’s now-former leaders enriched themselves at the expense of other shareholders, an announcement that coincided with co-founder Adam Bierman’s resignation from the board of directors. MedMen said Wednesday that it reached a 24 million-share settlement with investors who alleged the founders of the onetime industry darling lined their pockets through “brazen self-dealing. ” Co-founder Andrew Modlin also stepped down as an observing member of the board, the company said. The announcement is a coda to Bierman and Modlin’s gradual withdrawal from decision-making roles at MedMen Enterprises Inc. , which announced Bierman’s…
Published: June 19, 2020
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