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").
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.