Globe Newswire 6-Dec-2018 4:21 PM
SAN FRANCISCO, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP notifies investors in Aphria, Inc. (NYSE:APHA) of the Firm's investigation of possible disclosure violations and the filing of a class action complaint. If you purchased or otherwise acquired APHA shares between July 17, 2018 through December 4, 2018 (the "Class Period") on a U.S. exchange and suffered losses contact Hagens Berman Sobol Shapiro LLP.
For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
The complaint focuses on statements made by the Company on July 17, 2018 concerning acquisitions, though our investigation continues to look at other statements, omissions or potentially fraudulent acts.
On November 2, 2018, Aphria began trading on the NYSE at $11.75 per share. About one month later, on December 3, 2018, several media sources began reporting that Aphria has been diverting shareholder assets to insiders through an elaborate "shell game" scheme using international shell companies to stage unusual acquisitions by foreign entities, essentially leaving Aphria's shareholders holding the bag with shares backed by worthless assets.
There have also been reports that Aphria generates negative cash, and that its cannabis facilities were allegedly infested with bugs, stricken with mold, and have failed audit inspections.
Based on this news, the price of Aphria shares plunged 23.42% to close at $6.05 on December 3, 2018, a 51% drop YTD.
"Right now, our focus is on investors' losses and whether the Company made statements about its business that, if untrue or incomplete, could have misled Aphria investors," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Aphria should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email APHA@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
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