World News: 21:21 GMT Thursday 6th December 2018. [Hagens Berman Sobol Shapiro LLP via Globe Newswire via SPi World News]
SAN FRANCISCO, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP notifies investors in Aphria, Inc. () of the Firm’s investigation of possible disclosure violations and the filing of a class action complaint. If you purchased or otherwise acquired APHA shares (the “Class Period”) on a U.S. exchange and suffered losses contact Hagens Berman Sobol Shapiro LLP.
For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling or emailing
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.
Globe Newswire: 21:21 GMT Thursday 6th December 2018
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