LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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.
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.
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If you purchased Tilray securities during the Class Period, you may move the Court no later than May 5, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. 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 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 firstname.lastname@example.org, 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.
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