By Sabela Ojea
Tilray Brands settled a multi-year securities class action brought against its subsidiary Aphria and some of its former executives.
The cannabis lifestyle and consumer packaged goods company reached the agreement on Wednesday in the Ontario Superior Court of Justice in exchange for 30 million Canadian dollars, or about $21 million, the company said Friday. The Plaintiffs had sought damages in the amount of C$875. The settlement amount won't result in a negative impact to earnings, Tilray said.
The payment will be mainly funded through Aphria's directors and officers insurance policy and by the individual defendants. Aphria will fund the remaining unpaid portion of the settlement amount, currently estimated to be about $5.9 million.
The settlement doesn't constitute an admission of liability or wrongdoing by Aphria or the other defendants.
The putative securities class action started in February 2019, the company said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 07, 2025 17:08 ET (22:08 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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