PHILADELPHIA, March 17, 2020 /PRNewswire/ -- Kehoe Law Firm, P.C. is investigating securities claims on behalf Tilray, Inc. ("Tilray" or the "Company") (NasdaqGS: TLRY) shareholders that purchased, or otherwise acquired, TLRY common stock between January 15, 2019 and March 2, 2020, both dates inclusive (the "Class Period"). 

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On March 6, 2020, a class action lawsuit was filed against Tilray, Inc. and certain Tilray officers in United States District Court, Eastern District of New York, on behalf of a class consisting of all persons, other than Defendants, who purchased, or otherwise acquired, Tilray securities between January 15, 2019 and March 2, 2020, both dates inclusive, to recover damages caused by the Tilray Defendants' alleged violations of the federal securities laws.

According to the class action complaint:

On January 15, 2019, Tilray issued a press release announcing 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').

Throughout the Class Period, [Tilray] Defendants made materially false and misleading statements regarding 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 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 Authentic Brands Group LLC ('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. [Emphasis added.]

Tilray Investors Who Purchased, Or Otherwise Acquired, TLRY Securities During The Class Period and Suffered Losses

Tilray investors who purchased, or otherwise acquired, the publicly-traded securities of Tilray during the Class Period between January 15, 2019 and March 2, 2020, both dates inclusive, and suffered losses greater are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, myarnoff@kehoelawfirm.com, info@kehoelawfirm.com, or John Kehoe, Esq, (215) 792-6676, Ext. 801, jkehoe@kehoelawfirm.com, to learn more about the Tilray securities investigation, the class action lawsuit or potential legal claims.

Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct.  Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors. 

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SOURCE Kehoe Law Firm, P.C.

Copyright 2020 PR Newswire

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