Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Tilray, Inc. (“Tilray” or the “Company”) (NASDAQ: TLRY) and other defendants related to alleged violations of federal securities laws. If you purchased Tilray securities between January 15, 2019 and March 2, 2020, inclusive (the “Class Period”), you are encouraged to contact Scott+Scott attorney Rhiana Swartz for additional information at (844) 818-6980 or rswartz@scott-scott.com.
Tilray is based in Toronto, Canada. The Company engages in the research, cultivation, processing, and distribution of medical cannabis. On January 15, 2019, the day the Class Period begins, Tilray announced that it had entered into a long-term revenue sharing agreement with Authentic Brands Group (“ABG”) to market and distribute a portfolio of consumer cannabis products.
According to the lawsuit, throughout the Class Period, Tilray made false and/or misleading statements about the Company’s business, operational, and compliance policies. Specifically, (i) the purported advantages of the ABG Agreement were significantly overstated; and (ii) the underperformance of the ABG Agreement would foreseeably have a significant impact on the Company’s financial results.
On March 2, 2020, Tilray issued a press release announcing the Company’s financial results for the fourth quarter and full year 2019. Among other results, Tilray reported a net loss for the year of $321.2 million, or $3.20 per share, compared to $67.7 million, or $0.82 per share, for 2018. In addition, Tilray disclosed that “the Company recorded non-cash charges of $112.1 million related to impairment of the [ABG] agreement as well as $68.6 million in inventory reserves.”
On this news, Tilray’s stock price fell $2.33 per share – 15.18% – to close at $13.02 per share on March 3, 2020.
What You Can Do
If you purchased Tilray securities between January 15, 2019 and March 2, 2020, inclusive, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Rhiana Swartz at (844) 818-6980 or rswartz@scott-scott.com. The deadline for lead plaintiff motions is May 5, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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