Cronos CEO testifies in Andrew Left trial over Citron short report targeting CRON

Cronos Group (CRON) CEO Mike Gorenstein testified on May 12, 2026, in the U.S. criminal trial of Citron Research founder Andrew Left, saying a 2018 short report that helped drive a 28% one-day drop in Cronos shares was misleading and “didn’t make sense.” Prosecutors allege Left used a “short-and-distort” strategy, publishing market-moving reports and social media posts while quickly trading around them for about $20 million in profit. They said Left claimed after the Cronos report that he remained short and expected further declines, while he had already covered most of his position. Left denies wrongdoing. Gorenstein said Citron accused Cronos of misleading investors about distribution commitments, but the company had disclosed supply agreements that were not sales guarantees. Defense lawyers argued Left’s 2018 price target of $3.50 was close to Cronos’ current level. Cronos later rebounded after the report and rose 34% for 2018, before trading recently around $2.77.