Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Aphria Inc.

NEW YORK–(BUSINESS WIRE)–Robbins
Geller Rudman & Dowd LLP
(http://www.rgrdlaw.com/cases/aphria/)
today announced that a class action has been commenced on behalf of
purchasers of Aphria Inc. (NYSE:APHA) common stock during the period
between November 2, 2018 and November 30, 2018 (the “Class Period”).
This action was filed in the Southern District of New York and is
captioned Curkan v. Aphria Inc., et al., No. 18-cv-11428.

The Private Securities Litigation Reform Act of 1995 permits any
investor who purchased Aphria common stock during the Class Period to
seek appointment as lead plaintiff. A lead plaintiff acts on behalf of
all other class members in directing the litigation. The lead plaintiff
can select a law firm of its choice. An investor’s ability to share in
any potential future recovery is not dependent upon serving as lead
plaintiff. If you wish to serve as lead plaintiff, you must move the
Court no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights or
interests, please contact plaintiff’s counsel, Samuel
H. Rudman
or David
A. Rosenfeld
of Robbins Geller at 800/449-4900 or 619/231-1058, or
via e-mail at djr@rgrdlaw.com. You
can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/aphria/.

The complaint charges Aphria and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. Aphria is a
cannabis company based in Ontario, Canada.

The complaint alleges that Aphria and its senior executives issued
materially false and/or misleading statements regarding the Company’s
acquisition of cannabis-related assets in Latin America and the
Caribbean (the “Acquisition”). As a result, Aphria common stock traded
at artificially inflated prices during the Class Period.

Then, on December 3, 2018, analyst firms Hindenburg Research and
Quintessential Capital Management issued a report and presentation that
charged defendants with orchestrating a series of self-dealing
transactions via the Acquisition in order to secretly funnel tens of
millions of dollars’ worth of Aphria assets to Company insiders and
their affiliates in exchange for assets that were worth a fraction of
their purported value (if anything). The report and its accompanying
presentation encompassed collectively over 100 pages and included
extensive corroborating evidence for the findings of fact contained
therein, including on-site visits and photographs of the acquired assets
and associated properties in the various host countries, interviews with
personnel associated with the assets acquired in the Acquisition,
government records, proprietary analysis and fact-gathering, and a
review of additional supporting source material.

On this news, the price of Aphria stock plummeted, dropping
approximately 25% to close at $6.05 per share on December 3, 2018 on
unusually large volume of over 35 million shares.

On December 3 and December 4, 2018, Aphria issued statements denying the
findings contained in the Report. However, Aphria’s response failed to
substantively address many of the issues of malfeasance and self-dealing
that the Report had raised.

On this news, the price of Aphria stock again fell approximately 25% to
close at $4.51 per share on December 4, 2018 on abnormally large volume
of over 29 million shares. Plaintiff seeks to recover damages on behalf
of all purchasers of Aphria common stock during the Class Period (the
“Class”). The plaintiff is represented by Robbins Geller, which has
extensive experience in prosecuting investor class actions including
actions involving financial fraud.

Robbins Geller is one of the world’s leading law firms representing
investors in securities litigation. With 200 lawyers in 10 offices,
Robbins Geller has obtained many of the largest securities class action
recoveries in history. For five consecutive years, ISS Securities Class
Action Services has ranked the Firm in its annual SCAS Top 50 Report as
one of the top law firms in both amount recovered for shareholders and
total number of class action settlements. Robbins Geller attorneys have
helped shape the securities laws and recovered tens of billions of
dollars on behalf of aggrieved victims. Beyond securing financial
recoveries for defrauded investors, Robbins Geller also specializes in
implementing corporate governance reforms, helping to improve the
financial markets for investors worldwide. Please visit http://www.rgrdlaw.com
for more information.

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Contacts

Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David
A. Rosenfeld
djr@rgrdlaw.com

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