Company: Aphria, Inc.
Class Period: July 17, 2018 — December 4, 2018
Court: U.S.D.C. – Southern District of New York
Deadline: February 4, 2019
Kaskela Law LLC announces that a class action lawsuit has been filed against Aphria, Inc. (NYSE: APHA) (“Aphria” or the “Company”) on behalf of purchasers of the Company’s securities between July 17, 2018 and December 4, 2018, inclusive (the “Class Period”).
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. Following this news, shares of the Company’s stock declined $3.39 per share, or nearly 42% in value over two days, to close on December 4, 2018 at $4.51 per share, on unusually heavy trading volume.
The class action complaint alleges that defendants made materially false and misleading statements during the Class Period and failed to disclose to investors: (i) that Latin American assets acquired by the Company lacked adequate licenses to operate and were overvalued; and (ii) that the acquisition of Latin American assets would enrich the Company’s CEO and other insiders at the expense of shareholders. The complaint further alleges that, as a result of the foregoing, investors purchased Aphria’s securities at artificially inflated prices during the Class Period and suffered investment losses as a result of defendants’ conduct.
Investors who purchased the Company’s securities during the Class Period and suffered a financial loss in excess of $250,000 are encouraged to contact Kaskela Law LLC at (888) 715 – 1740 to discuss their legal rights and options, or complete the information form on this page to receive additional information about the action.