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 firstname.lastname@example.org. 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.
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 email@example.com