Bala Cynwyd, Pennsylvania--(Newsfile Corp. - April 11, 2023) - Law office of Brodsky & Smith announces that it is investigating potential claims against the Board of Directors of HEXO Corp. ("HEXO" or the "Company") (NASDAQ: HEXO) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the Company's agreement to be acquired by Tilray Brands, Inc. ("Tilray") in an all-stock transaction. Under the terms of the Arrangement Agreement, HEXO Shareholders will receive 0.4352 of a share of Tilray common stock in exchange for each HEXO Share held which implies a purchase price of US$1.25 per HEXO Share based on the volume weighted average price of Tilray Shares on the Nasdaq for the 60-day period ended on April 5, 2023.
The investigation concerns whether the HEXO Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether Tilray is paying too little for the Company. For example, the deal consideration is less than the 52-week high of $8.38 for the Company's shares.
If you own shares of HEXO stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/hexo-corp-nasdaq-hexo/, or call toll free 855-576-4847.
Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
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