Aphria Inc. (TSX: APHA, NYSE: APHA, FRA: 10E)
Ontario Superior Court of Justice (Commercial List)
Court File: CV-20-00642069-00CL
Andrew Morganti and Albert Pelletier have become members of Kim Spencer McPhee Barristers, P.C., and the authoritative page for this securities litigation can now be found at our new website.
Morganti & Co. is representing several individual investors in bespoke litigation against Aphria, Inc. (“APHA”), who are either not included or desire to be excluded from the pending shareholder class actions in Canada and the United States. Our clients are based in Europe, India, and North America. Each investor has realized losses greater than C$250,000. Unlike the pending shareholder class actions, these bespoke claims are not limited by a “class period” and, as a result, we are able to seek damages for shares purchased prior to March 2018.
Aphria purported to be a Canadian cannabis company that “drive[s] value for shareholders through its international expansion”, which includes acquiring assets of other alleged cannabis companies located outside of Canada. During the relevant time period, Aphria made large acquisitions of other cannabis companies identified as Nuuvera, acquired on March 23, 2018, for approximately $54 million in cash plus 31 million shares of Aphria (a total value of approximately $826 million); and LATAM, acquired on September 27, 2018, for approximately 15.6 million shares of Aphria. The Defendants were obligated to disclose all material facts relevant to the issues discussed in the Impugned Statements. In certain of the Impugned Statements the Defendants certified that they had disclosed all material facts concerning these acquisitions. In actuality, the Defendants did not disclose all material facts about the acquisitions and other material items discussed in the Impugned Statements.