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Tilray, Inc.

Case Summary

Tilray, Inc. Securities Litigation

Case Summary

Case Status:    ONGOING    
On or around 10/06/2020 (Date of last review)

Filing Date: March 06, 2020

According to the Complaint, Tilray, Inc. engages in the research, cultivation, processing, and distribution of medical cannabis.

On January 15, 2019, Tilray issued a press release announcing entry into a marketing and revenue sharing agreement with Authentic Brands Group (“ABG”), “an owner of a portfolio of global lifestyle and entertainment brands” (the “ABG Agreement”).

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the purported advantages of the ABG Agreement were significantly overstated; (ii) the underperformance of the ABG Agreement would foreseeably have a significant impact on the Company’s financial results; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

This case was voluntarily dismissed on May 26, 2020. A related case continues under Docket 20-CV-03459 in the Southern District of New York.

On August 6, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on October 5.

Company & Securities Information

Defendant: Tilray, Inc.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: TLRY
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.

First Identified Complaint

Chad Ganovsky, et al. v. Tilray, Inc., et al.

COURT: E.D. New York
DOCKET #: 20-CV-01240
JUDGE: Hon. Sandra J. Feuerstein
DATE FILED: 03/06/2020
CLASS PERIOD START: 01/15/2019
CLASS PERIOD END: 03/02/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
  2. Pomerantz LLP (New York)
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint 03/06/2020
2 Notice of Voluntary Dismissal 05/26/2020
3 U.S. District Court Civil Docket 05/27/2020
4 Notice of Voluntary Dismissal 05/27/2020

Reference Complaint

Ganesh Kasilingam, et al. v. Tilray, Inc., et al.

COURT: S.D. New York
DOCKET #: 20-CV-03459
JUDGE: Hon. Sandra J. Feuerstein
DATE FILED: 05/04/2020
CLASS PERIOD START: 01/15/2019
CLASS PERIOD END: 03/02/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Office of Thomas G. Amon (NY)
  2. Robbins LLP
Reference Complaint (REF) Filings:
No Document Title Filing Date
1 Class Action Complaint 05/04/2020
2 Opinion & Order 08/06/2020

Related District Court Filings

—Related District Court Filings Data is not available
 
 

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