NEW YORK, Dec. 6, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Aphria Inc. ("Aphria" or the "Company") (NYSE: APHA) of the February 4, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Aphria stock or options between July 17, 2018 and December 4, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/APHA. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Aphria securities between July 17, 2018 and December 4, 2018 (the "Class Period"). The case, Jakobsen v. Aphria, Inc. et al., No. 18-cv-11376 was filed on December 5, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that the Latin American assets acquired by the Company lacked adequate licenses to operate and were overvalued; and (2) that the acquisition of the Latin American assets would enrich the Company's CEO and other insiders at the expense of shareholders.
Specifically, 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 and/or licenses to operate in the cannabis industry.
Following the publication of this report, Aphria's share price fell from $6.05 per share on December 3, 2018 to a closing price of $4.51 on December 4, 2018—a $1.54 or a 25.44% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Aphria's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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