Pot Biz Tilray Wants Investor Suit Over $180M Writedown Axed

Law360 (December 7, 2020, 6:53 PM EST) -- Canadian pot giant Tilray has asked a Manhattan federal court to toss a securities fraud suit alleging it blindsided investors with $180 million in accounting charges, arguing the asset write-downs stemmed largely from unforeseeable regulatory setbacks.

Tilray said Friday that its asset values were based on reasonable projections for the CBD industry's growth but had to be revised downward after the U.S. Food and Drug Administration failed to issue comprehensive regulations for the substance as quickly as hoped. The medical marijuana cultivator said the investors' proposed class action is an "illogical and impermissible fraud by hindsight" case.

"The industry and retailer...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!