The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Tilray Inc. Investors (TLRY)
March 12 2020 - 12:00PM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of persons and entities that
purchased or otherwise acquired Tilray Inc. ("Tilray" or "the
Company") (NASDAQ: TLRY) securities between January 15, 2019 and
March 2, 2020, inclusive (the “Class Period”). Tilray investors
have until May 5, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
On March 2, 2020 Tilray announced its financial results for the
fourth quarter and full year 2019. For the year, the Company
reported a net loss of $321.2 million, compared to a net loss of
$67.7 million the previous year. Moreover, Tilray “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, the Company’s share price fell $2.33, or over 15%,
to close at $13.02 per share on March 3, 2020, thereby injuring
investors.
The complaint filed in this class action 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, operations, and
prospects. Specifically, Defendants failed to disclose to
investors: (1) that the purported advantages of the ABG Agreement
were significantly overstated; (2) that the underperformance of the
ABG Agreement would foreseeably have a significant impact on the
Company’s financial results; and (3) as a result, the Company’s
public statements were materially false and misleading at all
relevant times.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Tilray securities during the Class Period, you
may move the Court no later than May 5, 2020 to ask the
Court to appoint you as lead plaintiff. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you purchased Tilray securities, have information or
would like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
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/20200312005317/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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