Tilray Brands is A lawsuit is filed by an investor Who alleges that the company’s past leadership led investors astray.
The contributor specifically claims that former CEO Brendan Kennedy and other former Tilray board members misled investors and that the current board failed to take appropriate action in response.
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The derivative shareholder complaint against the Canadian-based cannabis, alcohol and drug distributor was filed on March 1 in the US District Court for the Southern District of New York.
The plaintiff — Michael Hudson, a Tilray shareholder since 2018 — is seeking a jury trial.
Tilray did not immediately respond to MJBizDaily Comment request.
According to the claim, Tilray’s gross margin decreased from 55% in the first quarter of 2018 to 31% in the third quarter.
To appease shareholders, “the previous managers deceived shareholders by overvaluing inventory and underestimating labor costs (both inputs to cost
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