Tilray Inc. and its former CEO beat a proposed investor class action after a New York federal judge ruled the plaintiffs didn’t sufficiently allege that the cannabis company intended to defraud shareholders before a 2019 merger.
The would-be class who brought the suit were unable to show that Tilray or ex-CEO Brendan Kennedy knowingly acted to mislead investors about the company’s financials and aspects of a co-marketing deal with Authentic Brands Group LLC, Judge Mary Kay Vyskocil of the US District Court for the Southern District of New York said.
Investors had filed three amended complaints, each alleging that the ...
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