Aphria, Inc. (APHA) Insiders Accused of Self-Dealing
According to the complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between July 17, 2018 and December 4, 2018, Aphria, Inc. (APHA) failed to disclose that the entities it acquired through its acquisition of LATAM Holdings Inc, lacked adequate licenses, were overvalued, and would enrich the company’s CEO and other insiders at the expense of shareholders. The truth came out on December 3, 2018, when Quintessential Capital Management and Hindenburg Research published a report alleging that Aphria’s recent acquisition was part of a series of transactions designed to enrich company insiders and that these acquisitions lacked operations. On this news, Aphria’s stock price fell $3.39, or over 42% over the next two trading days, closing at $4.51 on December 4, 2018.
Aphria, Inc. (APHA) Shareholders Have Legal Options
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