Aphria Inc. (NYSE: APHA) Investor Securities Class Action Lawsuit 12/06/2018

If you purchased a significant amount of shares of Aphria Inc. (NYSE: APHA) between November 2, 2018 and November 30, 2018, and / or if you purchased any NYSE: APHA shares prior to November 2018 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: February 4, 2019. NYSE: APHA investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Aphria
Case Name: 
Aphria Shareholder Class Action Lawsuit 12/06/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: APHA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/06/2018
Class Period Begin: 
11/02/2018
Class Period End: 
11/30/2018
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
02/04/2019
Summary: 

An investor in shares of Aphria Inc. (NYSE: APHA) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Aphria Inc. in connection with certain allegedly false and misleading statements made between November 2, 2018 and November 30, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Aphria Inc. (NYSE: APHA) common shares between November 2, 2018 and November 30, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 2, 2018 and November 30, 2018, the Aphria Inc and its senior executives issued materially false and/or misleading statements regarding the Company’s acquisition of cannabis-related assets in Latin America and the Caribbean (the “Acquisition”), and that as a result, Aphria common stock traded at artificially inflated prices between November 2, 2018 and November 30, 2018.

Canada based Aphria Inc. produces and sells medical cannabis in Canada and internationally. Aphria Inc. reported that its Total Revenue rose from $20.43 million for the 12 months period that ended on May 31, 2017 to $36.91 million for the 12 months period that ended on May 31, 2018 and that its Net Income increased from $4.19 million to $29.44 million over those respective time periods.
Aphria Inc. went public in November 2018 and shares of Aphria Inc. (NYSE: APHA) reached to $13.45 per share on November 7, 2018.

On December 3, 2018, a report was published titled, "Aphria: A Shell Game with a Cannabis Business on the Side." According to the report "Aphria is part of a scheme orchestrated by a network of insiders to divert funds away from shareholders into their own pockets." On December 3 and December 4, 2018, Aphria issued statements denying the findings contained in the Report.

The plaintiff claims that Aphria’s response failed to substantively address many of the issues of malfeasance and self-dealing that the Report had raised.

Shares of Aphria Inc. (NYSE: APHA) declined to as low as $3.75 per share on December 6, 2018.