Kalloghlian Myers LLP and Paul Bates Commence Shareholder Class Action Against TILT Holdings, Inc.

TORONTO--(BUSINESS WIRE)--Kalloghlian Myers LLP and Paul Bates Barrister have commenced a shareholder class proceeding against TILT Holdings, Inc. and its former directors and officers.

The class proceeding alleges that, to justify its lofty share price when it listed on the Canadian Securities Exchange in December 2018, TILT improperly inflated the value of its goodwill. However, unbeknownst to investors, TILT’s goodwill was not calculated in accordance with generally accepted accounting standards. The Statement of Claim alleges that the truth about TILT’s goodwill was revealed in its very first quarterly filing for the period ending December 31, 2018, just five weeks after TILT over-stated the value of its goodwill, when TILT disclosed for the first time that its goodwill needed to be written down by nearly US$500 million. On this news, the price of TILT’s shares dropped, causing steep financial losses to investors.

The proposed class action was commenced in the Ontario Superior Court of Justice and is brought on behalf of all individuals who acquired TILT’s shares between October 12, 2018 and May 1, 2019.

“TILT’s investors are angry about their very substantial losses as a result of TILT’s $500 million goodwill impairment charge which came as a surprise just five weeks after it listed on the Canadian Securities Exchange,” says Garth Myers, a lawyer at Kalloghlian Myers LLP, co-lead counsel to TILT’s shareholders.

If you acquired TILT shares or purchased TILT shares in its US$119 million equity capital raise, contact Kalloghlian Myers LLP:

Email:	[e-mail]
Telephone:	[phone]
Website:	www.kalloghlianmyers.com/tilt

Kalloghlian Myers LLP is a Toronto law firm specializing in class actions, civil litigation and investor protection. Kalloghlian Myers LLP’s broad class action practices focuses on obtaining justice for victims of securities fraud, financial crimes, physical and sexual abuse, discrimination, and other forms of misconduct. Kalloghlian Myers LLP is also co-lead counsel in a securities class action against CannTrust Holdings Inc.

Paul Bates has extensive experience in high-stakes business litigation, class actions, and appeals. In his 37+ years of professional experience, Paul has appeared at all levels of the Canadian court system, including the Supreme Court of Canada, generating countless reported decisions.