Thursday, September 23, 2021

Shareholder Alert: Robbins LLP Announces Tilray, Inc. (TLRY) Sued for Misleading Shareholders

SAN DIEGO & NANAIMO, British Columbia–(BUSINESS WIRE)–$TLRY #ClassAction–Shareholder rights law firm Robbins LLP announces that a purchaser of Tilray, Inc. (NASDAQ: TLRY) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between January 15, 2019 and March 2, 2020. Tilray engages in research, cultivation processing, and distribution of medical cannabis.

If you suffered a loss as a result of Tilray’s misconduct, click here.

Tilray, Inc. (TLRY) Accused of Misleading Shareholders

According to the complaint, on January 15, 2019, Tilray announced its entry into a marketing and revenue sharing agreement with Authentic Brands Group (“ABG”), touting that “through this agreement, Tilray and ABG [will] join forces at the intersection of science and brand to connect consumers with innovative health and wellness products.” Tilray maintained these positive statements throughout the relevant period, assuring investors that the alliance “will complement or augment [its] existing business.” Despite auspicious projections for the agreement, on March 2, 2020, Tilray released its financial results for the fourth quarter and full year 2019, reporting a net loss for the year of $321.2 million and disclosing that “the Company recorded non-cash charges of $112.1 million related to impairment of the Authentic Brands Group LLC (‘ABG’) agreement as well as $68.6 million in inventory reserves.” Since this news, Tilray’s stock price has precipitously fallen 67% from its closing price of $15.35 per share on March, 2, 2020, currently trading at $5 per share.

RELATED:  Hempsana Secures Processing Agreement With Lune Rise Farms


Tilray, Inc. (TLRY) Shareholders Have Legal Options

Contact us to learn more:

Leo Kandinov

(800) 350-6003
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.


Leo Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003

Related Articles

Follow Us on Twitter


Latest Posts