INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against Tilray, Inc.
March 09 2020 - 8:00PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Eastern District of New York on behalf of those who acquired
Tilray, Inc. (“Tilray” or the “Company”) (NASDAQ: TLRY) securities
during the period from January 15, 2019 through March 2, 2020.
Investors have until May 5, 2020 to apply to the Court to be
appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that:
(i) the purported advantages of the marketing and revenue sharing
agreement with Authentic Brands Group (“ABG”) announced by Tilray
on January 15, 2019 (the “ABG Agreement”) were significantly
overstated; and (ii) the underperformance of the ABG Agreement
would foreseeably have a significant impact on the Company’s
financial results.
On March 2, 2020, Tilray reported disappointing financial
results for the fourth quarter and full year 2019 and announced
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.” On this
news, Tilray’s shares fell $2.33, or 15.2%, to close at $13.02 per
share on March 3, 2020.
If you acquired Tilray securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200309005853/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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