Plaintiff's law firm issued a press release on January 7, 2019, announcing the filing of the lawsuit. According to the press release, Liberty Health Sciences Inc. ("Liberty" or the "Company") was incorporated under the Business Corporations Act (British Columbia) on November 9, 2011, as SecureCom Mobile Inc. The Company’s principal business activity is the production and distribution of medical cannabis through its wholly owned subsidiary DFMMJ LLC (d/b/a Liberty Health Sciences Florida Ltd.). Aphria Inc., which also produces and distributes cannabis, has had long-standing ties with Liberty, starting from the very beginning of both companies.

The Complaint alleges throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Liberty, in conjunction with Aphria, was involved in a scheme whereby numerous fraudulent acquisitions and transactions were made to provide undue benefits to both companies’ insiders; and (ii) as a result, Liberty’s public statements were materially false and misleading at all relevant times.

On September 16, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on September 19. On January 21, 2020, Lead Plaintiff filed a second amended Complaint. The parties notified the Court that they had reached a Settlement in principle on November 19. On January 8, 2021, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on July 8. On November 16, the Court granted final approval of the Settlement and entered Final Judgment.

On October 28, 2022, the Court issued an Order authorizing distribution of the Settlement funds.