NEW YORK, Dec. 07, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased or otherwise acquired Aphria Inc. (“Aphria” or the “Company”) (NYSE: APHA and TSX: APHA) securities between July 17, 2018 and December 4, 2018, inclusive (the “Class Period”).
Shareholders who purchased shares of Aphria and suffered losses on either the New York Stock Exchange and/or Toronto Stock Exchange are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Aphria Inc., you may, no later than February 4, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Aphria Inc.
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The filed complaint alleges that the Company made false and/or misleading statements and/or failed to disclose that:
- the Latin American assets acquired by the Company lacked adequate licenses to operate and were overvalued;
- the acquisition of the Latin American assets would enrich the Company’s CEO and other insiders at the expense of shareholders; and
- 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.
On December 3, 2018, Hindenburg Research released a report, titled “Aphria: A Shell Game with a Cannabis Business on the Side.”
According to the report, which was also released on Seeking Alpha, “Aphria is part of a scheme orchestrated by a network of insiders to divert funds away from shareholders into their own pockets.” In addition, the report found that Aphria’s recent Latin American acquisitions are suspect, it engages in undisclosed self-dealing and its product is inferior.
On this news, the price of Aphria stock fell $3.39, or over 42%, over the next two trading days.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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