Tilray Brands (TLRY) said Wednesday that the Massachusetts Superior Court in Suffolk County dismissed a lawsuit filed by Clement Italume against the company, its subsidiary Hexo, and Robinhood Markets.
Italume alleged Tilray didn't notify shareholders of Hexo's corporate actions in late 2022, and its acquisition of Hexo in 2023, which led to financial losses for shareholders. The plaintiff sought damages of almost $8 million.
The court rejected Italume's allegations and maintained that he couldn't establish credible damages arising from his claims, the company added.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.