Shareholders can proceed with allegations that cannabis company Tilray Inc. and its former top executive intended to defraud its investors ahead of a merger, a Manhattan federal court said.
The plaintiffs have met the requirements to pursue their case that Tilray and founder and former CEO Brendan Kennedy made false and misleading statements, the US District Court for the Southern District of New York said Wednesday. Shareholders allege that the company misled investors over a marketing deal with Authentic Brands Group LLC in a bid to inflate Tilray shares ahead of a 2019 downstream merger with its majority ...
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