RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Tilray, Inc. ("Tilray" or the "Company") (NASDAQ: TLRY) securities during the period from January 15, 2019 through March 2, 2020, inclusive (the “Class Period”).
Tilray shareholders may, no later than May 5, 2020, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Tilray and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
On January 15, 2019, Tilray announced it had entered into a marketing and revenue sharing agreement with Authentic Brands Group ("ABG"), "an owner of a portfolio of global lifestyle and entertainment brands" (the "ABG Agreement").
The Tilray securities class action lawsuit alleges that throughout the Class Period, defendants made materially false and misleading statements and/or failed to disclose adverse information regarding Tilray’s business and operations. Specifically, defendants failed to disclose that: (i) the purported advantages of the ABG Agreement were significantly overstated; (ii) the underperformance of the ABG Agreement would foreseeably have a significant impact on Tilray’s financial results; and (iii) as a result, Tilray’s public statements were materially false and misleading at all relevant times.
Then on March 2, 2020, Tilray issued a press release announcing its financial results for the fourth quarter and full year 2019. Tilray reported a net loss for the year of $321.2 million, or $(3.20) per share, compared to a net loss of $67.7 million, or $(0.82) per share, for 2018. In addition, Tilray disclosed that it had "recorded non-cash charges of $112.1 million related to impairment of the [ABG A]greement as well as $68.6 million in inventory reserves." On this news, Tilray’s stock price fell $2.33 per share, or 15%, to close at $13.02 per share on March 3, 2020.
If you are a member of the class, you may, no later than May 5, 2020, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.