TORONTO, Dec. 18, 2018 /CNW/ - Koskie Minsky LLP announces today the filing of a proposed shareholder class action against Aphria Inc., its CEO Vic Neufeld and its CFO Carl Merton.
The class action concerns allegations that Aphria Inc.'s public filings contained false and misleading statements about its business and affairs. It is alleged that Aphria failed to disclose material facts about its acquisition of LATAM Holdings Inc., that Aphria had improper disclosure controls and procedures, and that Aphria insiders inappropriately benefited from the purchase of LATAM Holdings Inc.
The class action is on behalf of individuals and entities who acquired Aphria shares between July 17, 2018 and December 3, 2018.
Aphria is a public company that is licensed to produce and sell medical cannabis. Its registered office is in Toronto, its operations are based in Leamington Ontario, and its shares are listed under the symbol "APHA" on the Toronto Stock Exchange.
On July 17, 2018, Aphria issued a press release announcing its proposed acquisition 100% of the shares of LATAM Holdings Inc., a subsidiary of Scythian Biosciences Inc. Aphria disclosed that it was acquiring three principal assets from Scythian: Colcanna S.A.S., ABP, S.A., and Marigold Projects Jamaica Limited.
Five months later, on December 3, 2018, Hindenburg Research and Quintessential Capital Management published a report revealing that Aphria had failed to disclose a number of material facts relating to the LATAM acquisition. When Hindenburg Research and Quintessential Capital Management disclosed these material facts, Aphria's share price fell from a close of $10.51 on November 30, 2018 to a low of $5.00 on December 5, 2018.
"It's time for Aphria to come clean to its shareholders," says Kirk Baert, the lead lawyer for the plaintiff. "Our capital markets deserve better."
If you acquired Aphria shares between July 17, 2018 and December 3, 2018 please contact Koskie Minsky LLP:
Email: [email protected]
Toll Free Phone Number: 1-855-595-2627
SOURCE Koskie Minsky LLP
For further information: Media Contact: Kirk Baert, 416-595-2092, [email protected]