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Tilray, Inc. (NASDAQ: TLRY) Investor Securities Class Action Lawsuit 03/06/2020

  • If you purchased shares of Tilray, Inc. (NASDAQ: TLRY), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Tilray, Inc.
Security
NASDAQ: TLRY

Case Name
Tilray Shareholder Class Action Lawsuit 03/06/2020
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

October 5, 2020 - An amended complaint was filed.

May 26, 2020 - The case was transferred to the U.S. District Court for the Southern District of New York.

March 6, 2020 - An investor in shares of Tilray, Inc. (NASDAQ: TLRY) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Tilray, Inc. in connection with certain allegedly false and misleading statements made between January 15, 2019 and March 2, 2020.
Canada based Tilray, Inc. engages in the research, cultivation, processing, and distribution of medical cannabis.

On January 15, 2019, Tilray, Inc. announced its entry into a marketing and revenue sharing agreement with Authentic Brands Group (“ABG”), “an owner of a portfolio of global lifestyle and entertainment brands” (the “ABG Agreement”).

On March 2, 2020, Tilray, Inc. announced the Company’s financial results for the fourth quarter and full year 2019. Among other results, Tilray, Inc. reported a net loss for the year of $321.2 million, or $3.20 per share, compared to $67.7 million, or $0.82 per share, for 2018. In addition, Tilray disclosed that “the Company recorded non-cash charges of $112.1 million related to impairment of the Authentic Brands Group LLC (‘ABG’) agreement as well as $68.6 million in inventory reserves.”

Shares of Tilray, Inc. (NASDAQ: TLRY) declined from $21.09 per share on February 20, 2020 to as low as $7.67 per share on March 9, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Tilray, Inc. (NASDAQ: TLRY) common shares between January 15, 2019 and March 2, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 15, 2019 and March 2, 2020, the defendants made false and/or misleading statements and/or failed to disclose that the purported advantages of the ABG Agreement were significantly overstated, that the underperformance of the ABG Agreement would foreseeably have a significant impact on the Company’s financial results, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.