Settlement Reached in Aphria Class Action: Key Details and Next Steps

Overview of the Aphria Settlement

A significant development has occurred regarding Aphria Inc. as a proposed settlement has been reached in the global class action lawsuit against the company and certain former officers. This settlement, which awaits court approval, aims to address claims related to public misrepresentations made between January 29, 2018, and December 3, 2018.

Key Allegations

The class action lawsuit centers on accusations that Aphria and its executives engaged in deceptive practices that misled investors about its acquisitions. Specifically, two pivotal acquisitions were brought into question:

- The purchase of Nuuvera Inc., announced on January 29, 2018.
- The acquisition of LATAM Holdings Inc., disclosed on July 17, 2018.

The plaintiffs argue that misrepresentations regarding these deals contributed to a drastic drop in Aphria's stock price, particularly following public disclosures on March 22, 2018, and December 3, 2018.

Despite these allegations, both Aphria and the individual defendants have consistently denied all wrongdoing and maintain their innocence throughout the proceedings.

Settlement Details

Should the court approve the proposed settlement, the defendants will pay CAD $30,000,000 to resolve the claims without admitting liability or wrongdoing. This forthcoming decision will be discussed in a hearing scheduled for March 26, 2025, at the Ontario Superior Court of Justice.

Class Member Participation

Investors who purchased Aphria shares during the specified period are considered “Class Members” and have the opportunity to voice their support or objections to the settlement before March 14, 2025. Class Members can also attend the court hearing either in person or remotely via Zoom to express their views.

For further details on participation and rights, Class Members are encouraged to refer to the Long-Form Notice available on AphriaSettlement.com or contact 1-888-700-9930 for assistance.

Conclusion

The upcoming hearing marks an important milestone for affected investors, as the court's ruling will determine the outcome of the settlement process. Stakeholders will be watching closely to see how this case unfolds in the context of investor rights and corporate responsibility, particularly in the fast-evolving cannabis market.

For ongoing updates, stay connected with news outlets following this case and consider joining discussions about corporate governance and investor protection in broader contexts.

This situation not only highlights issues relevant to Aphria but also reflects a growing trend of increased scrutiny in corporate accountability and transparency in the cannabis sector.