The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Tilray Inc. (TLRY)
May 04 2020 - 1:59PM
Business Wire
The Law Offices of Frank R. Cruz reminds investors of the
upcoming May 5, 2020 deadline to file a lead plaintiff
motion in the class action filed on behalf of investors who
acquired Tilray, Inc. ("Tilray" or "the Company") (NASDAQ: TLRY)
securities between January 15, 2019 and March 2, 2020,
inclusive (the “Class Period”).
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 or otherwise acquired Tilray securities during
the Class Period, you may move the Court no later than May 5,
2020 to request appointment as lead plaintiff in this putative
class action lawsuit. To be a member of the class action 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
action. If you wish to learn more about this class action, or if
you have any questions concerning this announcement or your rights
or interests with respect to the pending class action lawsuit,
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/20200504005643/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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