Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq.Partner of the office of Kahn Swick & Foti, LLCannounced that KSF has started Investigations against Tilray, Inc. TLRY.
In January 2019, the company entered into a significant marketing agreement with Authentic Brands Group LLC in which the company will expand worldwide, among other things, as the preferred cannabis supplier of ABG and up to almost half of net sales and guaranteed $10 million annual payment. On March 2, 2020, the Company reported a net loss of $321.2 million, or $3.20 per share, compared to $67.7 million, or $0.82 per share, for 2018, and “$112.1 million of non-cash charges related to the impairment of the agreement with Authentic Brands Group LLC and $68.6 million of inventory reserves.”
Thereafter, the company and some of its executives were sued and indicted in a securities class action not to disclose essential information violate federal securities laws during the Class Period. Recently, the court of law partially denied the company’s motion to dismiss, allowing the case to proceed.
KSF’s investigation focuses on whether Tilray officers and/or directors have failed in their fiduciary duties to shareholders or otherwise violated state or federal law.
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