Aphria, Inc. (NYSE: APHA)
Hagens Berman Sobol Shapiro LLP alerts investors in Aphria, Inc. (NYSE: APHA) to the February 4, 2019 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Southern District of New York.
If you purchased or otherwise acquired shares of APHA between July 17, 2015 and Dec. 4, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing APHA@hbsslaw.com.
The complaint focuses on statements made by the Company on July 17, 2018 concerning acquisitions, though our investigation continues to look at other statements, omissions or potentially fraudulent acts.
On November 2, 2018, Aphria began trading on the NYSE at $11.75 per share. About one month later, on December 3, 2018, several media sources began reporting that Aphria has been diverting shareholder assets to insiders through an elaborate “shell game” scheme using international shell companies to stage unusual acquisitions by foreign entities, essentially leaving Aphria’s shareholders holding the bag with shares backed by worthless assets.
There have also been reports that Aphria generates negative cash, and that its cannabis facilities were allegedly infested with bugs, stricken with mold, and have failed audit inspections.
Based on this news, the price of Aphria shares plunged 23.42% to close at $6.05 on December 3, 2018, a 51% drop YTD.
“Right now, our focus is on investors’ losses and whether the Company made statements about its business that, if untrue or incomplete, could have misled Aphria investors,” said Hagens Berman partner Reed Kathrein.
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