Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC, announced that KSF has commenced an investigation into Tilray, Inc. TLRY.
In January 2019, the company entered into a significant marketing agreement with Authentic Brands Group LLC in which, among other things, the company would expand globally as ABG’s preferred cannabis supplier, receiving up to almost half of the net revenue and a guaranteed $10 million annual payment. On March 2, 2020, the company disclosed a $321.2 million net loss for the year, or $3.20 per share, compared to $67.7 million, or $0.82 per share, for 2018, and “non-cash charges of $112.1 million related to impairment of the Authentic Brands Group LLC agreement as well as $68.6 million in inventory reserves.”
Thereafter, the company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the class period, violating federal securities laws. Recently, the court presiding over the case denied the company’s motion to dismiss in part, allowing the case to move forward.
KSF’s investigation is focusing on whether Tilray’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
Related News
'I Think Anything Can Bounce In That Business,' Jim Cramer Says About This Casino Stock
Edge Rankings
Price Trend
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving—don’t get left behind!
Curious about what’s next for the industry and how to stay ahead in today’s competitive market?
Join top executives, investors, and industry leaders at the Benzinga Cannabis Capital Conference in Chicago on June 9-10. Dive deep into market-shaping strategies, investment trends, and brand-building insights that will define the future of cannabis.
Secure your spot now before prices go up—this is where the biggest deals and connections happen!
