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Kessler Topaz Meltzer & Check, LLP: Investor Class Action Filed Against Aphria Inc. for Securities Fraud Violations

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Aphria Inc. (“Aphria”) (NYSE: APHA) securities between July 17, 2018 and December 4, 2018, inclusive (the “Class Period”). 

Aphria investors may receive additional information about the case by clicking the link "Submit Your Information" above.


According to the complaint, Aphria produces and sells medical cannabis.  The Class Period commences on July 17, 2018, when Aphria announced its plans to acquire “industry-leading companies in Colombia, Argentina, Jamaica and a right of first offer and refusal in respect of Brazil through a definitive share purchase agreement with Scythian Biosciences, Inc.”

According to the complaint, on December 3, 2018, Quintessential Capital Management and Hindenburg Research published a report alleging, among other things, that Aphria’s recent acquisitions in Latin America were part of a series of transactions designed to enrich Aphria insiders and that these acquisitions lacked established operations and/or licenses to operate in the cannabis industry.  Following this news, Aphria’s share price fell $1.85 per share, or over 23%, to close at $6.05 per share on December 3, 2018.

Then, on December 4, 2018, Aphria denied the claims made in the report stating, among other things, that it had received “financial advice and a fairness opinion from Cormark Securities Inc., [Aphria]’s independent and qualified financial advisor, that the consideration to be offered by Aphria in respect of the transaction was fair from a financial point of view, to Aphria.”  Following this news, Aphria’s share price fell $1.54 per share, or over 25%, to close at $4.51 per share on December 4, 2018.

The complaint alleges that throughout the Class Period, the defendants failed to disclose that: (1) the Latin American assets acquired by Aphria lacked adequate licenses to operate and were overvalued; (2) the acquisition of the Latin American assets would enrich Aphria’s Chief Executive Officer and other insiders at the expense of shareholders; and (3) as a result of the foregoing, the defendants’ positive statements about Aphria’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

If you are a member of the class described above, you may no later than February 4, 2019 move the Court to serve as lead plaintiff of the class, if you so choose.


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.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please complete this form relating to your transactions for  Aphria Inc. (“Aphria”) (NYSE: APHA) securities between July 17, 2018 and December 4, 2018, inclusive (the “Class Period”). 

Once completed, please click the orange “Submit Your Information” button at the bottom of this page. You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 888.299.7706, or you may submit your information via email at info@ktmc.com.

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# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of Aphria Inc. prior to the Class Period?
Are you a current or former employee of Aphria Inc.?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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