NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Tilray, Inc. (“Tilray” or the “Company”) (NASDAQ: TLRY) securities during the period from January 15, 2019 through March 2, 2020. Investors have until May 5, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) the purported advantages of the marketing and revenue sharing agreement with Authentic Brands Group (“ABG”) announced by Tilray on January 15, 2019 (the “ABG Agreement”) were significantly overstated; and (ii) the underperformance of the ABG Agreement would foreseeably have a significant impact on the Company’s financial results.
On March 2, 2020, Tilray reported disappointing financial results for the fourth quarter and full year 2019 and announced 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 shares fell $2.33, or 15.2%, to close at $13.02 per share on March 3, 2020.
If you acquired Tilray securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.