Tilray Deadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 in Tilray, Inc. to Contact the Firm
New York, New York--(Newsfile Corp. - April 24, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tilray, Inc. (NASDAQ: TLRY) ("Tilray" or the "Company") of the May 5, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Tilray stock or options between January 15, 2019 and March 2, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/TLRY. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Tilray securities between January 15, 2019 and March 2, 2020 (the "Class Period"). The case, Ganovsky v. Tilray, Inc. et al, No. 20-cv-01240 was filed on March 6, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the purported advantages of the Authentic Brands Group ("ABG") Agreement were significantly overstated; (2) the underperformance of the ABG Agreement would foreseeably have a significant impact on the Company's financial results; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times.
Specifically, on March 2, 2020, Tilray issued a press release announcing the Company's financial results for the fourth quarter and full year 2019. Among other results, Tilray reported a net loss for the year of $321.2 million, or $3.20 per share, compared to $67.7 million, or $0.82 per share, for 2018. In addition, Tilray disclosed 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."
On this news, Tilray's stock fell from a closing price of $15.35 per share on March 2, 2020 to close at $13.02 per share on March 3, 2020-a $2.33 or 15.18% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tilray's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54825