INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Tilray, Inc. (TLRY) Investors

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Tilray, Inc. ("Tilray" or "the Company") (NASDAQ: TLRY) securities between January 15, 2019 and March 2, 2020, inclusive (the “Class Period”). Tilray investors have until May 5, 2020 to file a lead plaintiff motion.

Investors suffering losses on their Tilray investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [e-mail].

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.

If you purchased Tilray securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at [phone], toll-free at [phone], or by email to [e-mail], or visit our website at www.howardsmithlaw.com.

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