In July 2020, Kaskela Law LLC filed a stockholder derivative and class action complaint on behalf of Tilray, Inc. (“Tilray”) and the company’s stockholders against the members of Tilray’s Board of Directors.  In re Tilray, Inc. Reorganization Litig., Consol. C.A. 2020-0137-KSJM (Del. Ch.).  The complaint alleged, among other things, that Tilray’s directors breached their fiduciary duties to the Company and its stockholders by approving, among other things, a conflicted corporate reorganization.

On June 1, 2021, Chancellor McCormick denied defendants’ motions to dismiss the complaint.  The Court’s Memorandum Opinion is available at Download.aspx (delaware.gov). 

In March 2023, the Court approved of a proposed settlement of the action for $39.9 million.