NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Tilray, Inc. ("Tilray" or "the Company") (NASDAQ: TLRY) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Tilray securities between January 15, 2019 and March 2, 2020, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/tlry.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the purported advantages of the ABG Agreement were significantly overstated; (2) 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.
On March 2, 2020, Tilray announced its financial results for the fourth quarter and full year 2019, which fell significantly short of consensus estimates and included a net loss of $219.1 million for the quarter, a $112 million impairment charge related to assets, and a $68 million inventory write-down. 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.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/tlry or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Tilary you have until May 5, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.