Newspaper article The Canadian Press

Proposed Class Action Launched against Cannabis Producer Aphria Inc

Newspaper article The Canadian Press

Proposed Class Action Launched against Cannabis Producer Aphria Inc

Article excerpt

Proposed class action launched against Aphria

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TORONTO - Law firm Koskie Minsky LLP says it has filed a proposed class action against cannabis company Aphria Inc. and its chief executive and financial officers after the company was targeted by short-sellers.

The firm says the lawsuit alleges the company made false and misleading statements related to its acquisition of LATAM Holdings Inc., had improper disclosure controls and procedures, and that company insiders benefited from the deal. None of the claims have been tested in court.

The proposed class action comes after short-sellers Quintessential Capital Management and Hindenburg Research alleged in early December that the cannabis grower's acquisition of the LATAM Holding assets in Colombia, Argentina and Jamaica totalling $280 million from Scythian Biosciences were "largely worthless. …

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