Company name Liberty Health Sciences Inc.
Ticker LHSIF
Class period June 28, 2018 – December 3, 2018
Lead plaintiff deadline March 8, 2019
Court Southern District of New York

The complaint alleges throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Liberty, in conjunction with Aphria, was involved in a scheme whereby numerous fraudulent acquisitions and transactions were made to provide undue benefits to both companies’ insiders; and (ii) as a result, Liberty’s public statements were materially false and misleading at all relevant times. In September 2018, Aphria announced that it had sold off its stake in Liberty. On December 3, 2018, Quintessential Capital Management and Hindenburg Research issued a report entitled “Aphria: A Shell Game with a Cannabis Business on the Side,” claiming that Aphria was part of a scheme involving the acquisition of shell companies at artificially inflated prices. Specifically, the report alleged: “Aphria is part of a scheme orchestrated by a network of insiders to divert funds away from shareholders into their own pockets.” The article detailed a thorough and on-the-ground investigation into Aphria’s latest investments that revealed the poor quality and worth of the assets of those investments. For example, the article was accompanied by pictures showing that Aphria’s latest investment in Jamaica was an abandoned building on dilapidated property. On this news, Liberty’s stock fell $0.36, or nearly 34%, over the next two trading days to close at $0.70 on December 4, 2018.

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