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, operations 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, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on October 5. Defendants filed a Motion to Dismiss the amended Complaint on December 4. On September 27, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On December 3, 2021, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on February 2, 2022. On September 28, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Defendants moved for reconsideration on October 12, 2022, and on August 21, 2023, the Court granted Defendants' second Motion to Dismiss. The case was dismissed without prejudice.

On September 27, 2023, Lead Plaintiff filed a third amended Complaint.