“Tilray certainly appears to have overestimated, by orders of magnitude, both the value of the ABG Agreement and the likelihood of fortuitous regulatory change,” Crotty wrote. “But being wrong – even embarrassingly so – is not the same as being dishonest.”
The judge said the shareholders could file a new complaint to try to address shortcomings in their case. Shareholders sued after Tilray on March 2, 2020 wrote down the value of the ABG agreement by about 86%, or $102.6 million, citing regulatory uncertainty, and reported lower inventory and margins than they expected.
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