Shareholder Alert: Robbins LLP Announces Tilray, Inc. (TLRY) Sued for Misleading Shareholders
March 16 2020 - 2:35PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Tilray, Inc. (NASDAQ: TLRY) filed a class action
complaint against the Company for alleged violations of the
Securities Exchange Act of 1934 between January 15, 2019 and March
2, 2020. Tilray engages in research, cultivation processing, and
distribution of medical cannabis.
If you suffered a loss as a result of Tilray's misconduct, click
here.
Tilray, Inc. (TLRY) Accused of Misleading
Shareholders
According to the complaint, on January 15, 2019, Tilray
announced its entry into a marketing and revenue sharing agreement
with Authentic Brands Group ("ABG"), touting that "through this
agreement, Tilray and ABG [will] join forces at the intersection of
science and brand to connect consumers with innovative health and
wellness products." Tilray maintained these positive statements
throughout the relevant period, assuring investors that the
alliance "will complement or augment [its] existing business."
Despite auspicious projections for the agreement, on March 2, 2020,
Tilray released its financial results for the fourth quarter and
full year 2019, reporting a net loss for the year of $321.2 million
and disclosing 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." Since this news, Tilray's stock price has precipitously
fallen 67% from its closing price of $15.35 per share on March, 2,
2020, currently trading at $5 per share.
Tilray, Inc. (TLRY) Shareholders Have Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200316005760/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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