RADNOR, Pa., Dec. 06, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a class action lawsuit has been filed against Aphria, Inc. (NYSE: APHA) (“Aphria” or the “Company”) on behalf of purchasers of the Company’s securities between July 17, 2018 and December 4, 2018, inclusive (the “Class Period”).
Additional information about this action may be found at http://kaskelalaw.com/case/aphria-inc/. Aphria investors who purchased the Company’s securities during the Class Period and suffered a financial loss in excess of $250,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 to discuss their legal rights and options.
On December 3, 2018, Quintessential Capital Management and Hindenburg Research published a report alleging, among other things, that the Company’s recent acquisitions in Latin America were part of a series of transactions designed to enrich Company insiders and that these acquisitions lacked established operations. Following this news, shares of the Company’s stock declined $3.39 per share, or nearly 42% in value over two days, to close on December 4, 2018 at $4.51 per share, on unusually heavy trading volume.
The class action complaint alleges that defendants made materially false and misleading statements during the Class Period and failed to disclose to investors: (i) that Latin American assets acquired by the Company lacked adequate licenses to operate and were overvalued; and (ii) that the acquisition of Latin American assets would enrich the Company’s CEO and other insiders at the expense of shareholders. The complaint further alleges that, as a result of the foregoing, investors purchased Aphria’s securities at artificially inflated prices during the Class Period and suffered investment losses as a result of defendants’ conduct.
Investors who purchased the Company’s securities during the Class Period and suffered a financial loss in excess of $250,000 are encouraged to contact Kaskela Law LLC. Kaskela Law LLC exclusively represents investors in state and federal actions throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.