NEW YORK, March 9, 2020 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action has been filed on behalf
of investors that purchased or acquired the securities of Tilray,
Inc. ("Tilray" or the "Company") (NASDAQ: TLRY) between
January 15, 2019, and March 2, 2020 (the "Class Period"). The lawsuit
filed in the United States
District Court for the Eastern District of New York alleges violations of the Securities
Exchange Act of 1934.
If you purchased Tilray securities, and/or would like to
discuss your legal rights and options please visit Tilray
Shareholder Class Action or contact Matthew
E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company's business, operational and compliance policies.
Specifically, Defendants made false and/or misleading statements
and/or failed to disclose that: (i) the purported advantages of the
Company's marketing and revenue sharing agreement with Authentic
Brands Group (ABG) (the "ABG Agreement") were significantly
overstated; (ii) the underperformance of the ABG Agreement would
foreseeably have a significant impact on the Company's financial
results; and (iii) as a result, the Company's public statements
were materially false and misleading at all relevant times.
On March 2, 2020, Tilray issued a
press release announcing the Company's financial results for the
fourth quarter and full year 2019. Among other results, Tilray
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 ABG Agreement as well as $68.6 million in inventory reserves.
On this news, Tilray's stock price fell $2.33 per share, or 15.18%, to close at
$13.02 per share on March 3, 2020.
If you purchased TLRY securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/tilrayinc-tlry-shareholder-class-action-lawsuit-stock-fraud-261/apply or
contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than May 5, 2020. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP