Tilray Successfully Prevails with Dismissal of HEXO Shareholder Lawsuit
Tilray Brands (Nasdaq: TLRY; TSX: TLRY) and its subsidiary HEXO have secured a significant legal victory as the Massachusetts Superior Court, Suffolk County, granted their summary judgment motion, dismissing an $8 million lawsuit filed by Clement Italume.
The lawsuit alleged that HEXO and Tilray failed to properly disclose corporate actions in December 2022 and HEXO's acquisition in June 2023, claiming these actions resulted in financial losses to shareholders. The plaintiff also claimed HEXO manipulated a reverse stock split to wrongfully convert his shares.
The Court rejected these allegations, finding no sufficient evidence that the corporate actions caused financial loss or that the companies failed to properly notify shareholders. The Court also determined that the plaintiff could not establish credible damages. The possibility of an appeal remains uncertain.
Tilray Brands (Nasdaq: TLRY; TSX: TLRY) e la sua sussidiaria HEXO hanno ottenuto una significativa vittoria legale, poiché la Corte Superiore del Massachusetts, nella Contea di Suffolk, ha accolto la loro richiesta di giudizio sommario, respingendo una causa da 8 milioni di dollari presentata da Clement Italume.
La causa sosteneva che HEXO e Tilray non avessero adeguatamente divulgato le azioni aziendali di dicembre 2022 e l'acquisizione di HEXO avvenuta a giugno 2023, affermando che tali azioni avessero comportato perdite finanziarie per gli azionisti. Il querelante sosteneva inoltre che HEXO avesse manipolato un frazionamento azionario inverso per convertire ingiustamente le sue azioni.
La Corte ha respinto queste accuse, non trovando prove sufficienti che le azioni aziendali avessero causato perdite finanziarie o che le aziende non avessero informato adeguatamente gli azionisti. La Corte ha anche stabilito che il querelante non poteva dimostrare danni credibili. La possibilità di un appello rimane incerta.
Tilray Brands (Nasdaq: TLRY; TSX: TLRY) y su filial HEXO han logrado una victoria legal significativa, ya que el Tribunal Superior de Massachusetts, en el Condado de Suffolk, aceptó su moción de juicio sumario, desestimando una demanda de 8 millones de dólares presentada por Clement Italume.
La demanda alegaba que HEXO y Tilray no habían divulgado adecuadamente las acciones corporativas en diciembre de 2022 y la adquisición de HEXO en junio de 2023, afirmando que estas acciones resultaron en pérdidas financieras para los accionistas. El demandante también afirmaba que HEXO manipuló un desdoblamiento de acciones inverso para convertir indebidamente sus acciones.
El Tribunal rechazó estas alegaciones, encontrando que no había evidencia suficiente de que las acciones corporativas causaran pérdidas financieras o que las empresas no informaran adecuadamente a los accionistas. El Tribunal también determinó que el demandante no podía establecer daños creíbles. La posibilidad de una apelación sigue siendo incierta.
틸레이 브랜드 (Nasdaq: TLRY; TSX: TLRY)와 그 자회사 HEXO는 매사추세츠 주 수퍼리어 법원에서 그들의 요약 판결 요청이 승인되어 클레멘트 이탈룸이 제기한 800만 달러의 소송이 기각되는 중요한 법적 승리를 얻었습니다.
소송은 HEXO와 Tilray가 2022년 12월의 기업 행동 및 2023년 6월의 HEXO 인수에 대해 적절하게 공시하지 않았으며, 이러한 행동이 주주들에게 재정적 손실을 초래했다고 주장했습니다. 원고는 또한 HEXO가 주식을 부당하게 전환하기 위해 역주식 분할을 조작했다고 주장했습니다.
법원은 이러한 주장을 기각하며, 기업 행동이 재정적 손실을 초래했다는 충분한 증거가 없으며, 회사들이 주주들에게 적절하게 통지하지 않았다는 주장도 받아들이지 않았습니다. 법원은 또한 원고가 신뢰할 수 있는 손해를 입증할 수 없다고 판단했습니다. 항소 가능성은 불확실한 상태입니다.
Tilray Brands (Nasdaq: TLRY; TSX: TLRY) et sa filiale HEXO ont remporté une victoire juridique significative, car la Cour Supérieure du Massachusetts, dans le comté de Suffolk, a accordé leur demande de jugement sommaire, rejetant une poursuite de 8 millions de dollars déposée par Clement Italume.
La poursuite alléguait que HEXO et Tilray n'avaient pas correctement divulgué les actions corporatives de décembre 2022 et l'acquisition de HEXO en juin 2023, affirmant que ces actions avaient entraîné des pertes financières pour les actionnaires. Le plaignant a également affirmé qu'HEXO avait manipulé un regroupement d'actions pour convertir indûment ses actions.
La Cour a rejeté ces allégations, ne trouvant aucune preuve suffisante que les actions corporatives avaient causé des pertes financières ou que les entreprises n'avaient pas correctement informé les actionnaires. La Cour a également déterminé que le plaignant ne pouvait pas établir de dommages crédibles. La possibilité d'un appel reste incertaine.
Tilray Brands (Nasdaq: TLRY; TSX: TLRY) und ihre Tochtergesellschaft HEXO haben einen bedeutenden rechtlichen Sieg errungen, da das Obergericht von Massachusetts im Suffolk County ihren Antrag auf summarisches Urteil stattgegeben hat und eine von Clement Italume eingereichte Klage über 8 Millionen Dollar abgewiesen hat.
Die Klage behauptete, dass HEXO und Tilray es versäumt hätten, Unternehmensmaßnahmen im Dezember 2022 und die Akquisition von HEXO im Juni 2023 angemessen offenzulegen, und dass diese Maßnahmen zu finanziellen Verlusten für die Aktionäre geführt hätten. Der Kläger behauptete auch, HEXO habe einen Reverse Stock Split manipuliert, um seine Aktien unrechtmäßig umzuwandeln.
Das Gericht wies diese Vorwürfe zurück und fand keine ausreichenden Beweise dafür, dass die Unternehmensmaßnahmen finanzielle Verluste verursacht hätten oder dass die Unternehmen es versäumt hätten, die Aktionäre ordnungsgemäß zu informieren. Das Gericht stellte auch fest, dass der Kläger keinen glaubwürdigen Schaden nachweisen konnte. Die Möglichkeit einer Berufung bleibt ungewiss.
- Legal victory eliminates $8 million potential liability for Tilray
- Court's dismissal validates company's corporate action disclosures
- Possibility of appeal creates ongoing legal uncertainty
NEW YORK and LEAMINGTON, Ontario, March 26, 2025 (GLOBE NEWSWIRE) -- Tilray Brands Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), and its subsidiary HEXO Corporation (“HEXO”), announced the successful dismissal of the Clement Italume vs. Robinhood Markets Inc., Robinhood Financial LLC, HEXO and Tilray lawsuit as against them. Specifically, the Massachusetts Superior Court, Suffolk County, granted Tilray’s and HEXO’s summary judgment motion in full, dismissing Clement Italume’s (“Plaintiff”) claims. The Court previously ruled that the Plaintiff’s claims against the Robinhood defendants are subject to arbitration.
The Plaintiff sought damages totalling approximately
In its Order, the Court rejected Plaintiff’s allegations, finding that the Plaintiff cited no sufficient evidence that the identified corporate actions caused financial loss or that HEXO and Tilray failed to properly notify shareholders of Tilray’s acquisition. The Court further held that the Plaintiff was unable to establish credible damages arising from his claims. It is uncertain if Plaintiff will appeal the ruling of the Massachusetts Superior Court.
About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.
For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.
Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations concerning, among other things, whether Plaintiff appeals the Order by the Court. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.
For further information:
Media: news@tilray.com
Investor Relations: investors@tilray.com
FAQ
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