Aphria Class Action | Rochon Genova

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The Claims

This class action was filed with the Ontario Superior Court of Justice on behalf of shareholders of Aphria Inc. (TSX: APHA, NYSE: APHA) who acquired their Aphria securities between January 29, 2018 up to and including November 30, 2018.

The Class Action alleged that, between January 29 and December 3, 2018 (the “Class Period”), Aphria made misrepresentations in its public disclosure, including in an Aphria Prospectus Offering in June 2018, in connection with two significant international business acquisitions made by Aphria during 2018, namely: (i) Aphria’s acquisition of a company called Nuuvera Inc. which was publicly announced on January 29, 2018; and (ii) Aphria’s acquisition of a company called LATAM Holdings Inc. which was publicly announced on July 17, 2018. The Class Action alleged that the substantial drop in Aphria’s share price following certain public disclosures about Aphria’s business on March 22 and December 3, 2018 amounted to a public correction of material misrepresentations about Aphria’s business.

The Class

All persons other than Excluded Persons, wherever they may reside or be domiciled, who acquired Aphria common shares during the Class Period, where Excluded Persons are defined as Defendants, their past and present subsidiaries, affiliates, officers, directors, senior employees, partners, legal representatives, heirs, predecessors, successors and assigns, and any individual who is a member of the immediate family of an Individual Defendant.

The Class Period is defined as “the period of time after 07:00 ET January 29, 2018 until 08:25 ET December 3, 2018.”

Updates

On February 8, 2019, the class action was commenced.
On June 19, 2019, the Ontario Superior Court of Justice granted carriage of the Aphria class action to Rochon Genova.
On August 6, 2021, the Ontario Superior Court of Justice granted the plaintiff leave to proceed, with a global securities class action for misrepresentations pursuant to section 138.3 of the Ontario Securities Act against Aphria Inc. and its former officers and directors Victor Neufeld and Cole Cacciavillani. In the same decision, the Court certified this secondary market shareholder claim as a class proceeding. In addition, the Court certified the misrepresentation claims in the Action pursuant to section 130 of the Ontario Securities Act as a class action against the Aphria Defendants and securities underwriters Canaccord Genuity Corp., Clarus Securities Inc., Cormark Securities Inc., Haywood Securities Inc., and Infor Financial Group Inc.
On August 18, 2022, claims against Clarus Securities Inc., Canaccord Genuity Corp., Cormark Securities Inc., Haywood Securities Inc. and Infor Financial Inc. were dismissed, on consent, without costs, by Court Order.
By September 11, 2024, documentary and oral discoveries had been completed.
On February 7, 2025, a Settlement was reached in the global class action.
On March 27, 2025, Justice Morgan approved the $30 million settlement in the Aphria securities class action.