According to the Complaint, Aphria Inc. purportedly produces and sells medical cannabis.

The Complaint alleges that during the Class Period, Defendants made statements that were materially false and/or
misleading and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Latin American assets acquired by the Company lacked adequate licenses to operate and were overvalued; (2) that the acquisition of the Latin American assets would enrich the Company’s CEO and other insiders at the expense of shareholders; and (3) that, 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 March 27, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 18-CV-11376.

Lead Plaintiff filed an amended Complaint on May 28, 2019. Defendants filed a Motion to Dismiss the amended Complaint on September 27. On September 30, 2020, the Court issued an Order denying Aphria's Motion to Dismiss. Claims against three of the individual Defendants were dismissed.

Lead Plaintiff filed a Motion for Class Certification on January 28, 2022. On May 5, the Court issued an Order granting Lead Plaintiff's Motion for Class Certification. On May 10, the Court vacated the Order granting Class Certification. The Court issued another Order granting the Motion for Class Certification on August 30.