Business Wire 7-Dec-2018 11:30 AM
Glancy Prongay & Murray LLP ("GPM"), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired Aphria Inc. ("Aphria" or the "Company") (NYSE: APHA) securities between July 17, 2018 and December 4, 2018, inclusive (the "Class Period"). Aphria investors have until February 4, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On December 3, 2018, Quintessential Capital Management and Hindenburg Research published a report alleging, among other things, that the Company's recent acquisitions in Latin America were part of a series of transactions designed to enrich Company insiders and that these acquisitions lacked established operations.
On 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, on unusually heavy trading volume.
The complaint filed in this class action alleges that the Company made false and/or misleading statements and/or failed to disclose that: (1) the Latin American assets acquired by the Company lacked adequate licenses to operate and were overvalued; (2) the acquisition of the Latin American assets would enrich the Company's CEO and other insiders at the expense of shareholders; and (3) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
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If you purchased shares of Aphria during the Class Period you may move the Court no later than February 4, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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