A new lawsuit alleges the top brass of Canada-based cannabis company Tilray misled shareholders and engaged in insider stock sales during 2019 and early 2020.
The so-called verified stockholder derivative suit was filed by Tilray shareholder Lee Morgan on June 5 in the U.S. District Court for the District of Delaware. The complaint was filed on behalf of the company.
The complaint alleges the defendants – including Tilray CEO Brandon Kennedy, former Chief Financial Officer Mark Castaneda and several board members – breached their fiduciary duties regarding a revenue-sharing agreement between Tilray and lifestyle brand portfolio Authentic Brands Group (ABG) and engaged in insider trading surrounding that deal.
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