Wednesday , December 8 2021

Aphria appoint a committee of & # 39; & # 39 in review, number & # 39; allegations that he played massive shell



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Firm & # 39; forensic analysis sell short companies continued its attack on cannabis producer Lephington Aphria given the week, and issued another round & # 39; allegations & # 39; bombers involving shell games and backroom deals.

Aphria statement released by early Thursday, before the newest allegations were made public, and stated that they were appointed "special committee" to review the recent acquisition of the company of its Latin American holdings. Those assets were one of the first goals set & # 39; allegations of Hindenburg Research, alleging that Aphria is a "black hole" that enriched insiders at the expense of shareholders and wasted hundreds & # 39; million & # 39; dollars on worthless acquired.

The company & # 39; research sent a second volley Thursday afternoon.

"Our examination of & # 39; Aphria led to another company backed by Aphria, the Liberty Health Sciences, where I discovered multiple irregularities that raise more questions about people who believe they were aired insider insider" loans, Hindenburg alleged Thursday.

Aphria CEO Vic Neufeld and other company executives were not available for comment.

We have a strong belief that Aphria is part of a scheme orchestrated by network & # 39; insiders to divert funds & # 39; away from the shareholders in their own pockets.

Hindenburg alleges that Liberty acquired property & # 39; Florida this year. But more than just buying the assets, said Hindenburg, were acquired through & # 39; newly formed entity, netting the shell holders get an estimate of & # 39; C $ 5 million in & # 39; 6 days. "

Hindenburg also says that holders & # 39; that the cover included the partner / holder of Aphria trade, Scythian and Liberty, together with & # 39; three other people alleged by the Commission on Exchanges & # 39; Securities to run "pump and multiple schemes & # 39; pump".

"Again & # 39; other, this transaction took place under the supervision & # 39; Vic Neufeld as President of Freedom," Hindenburg writes in his report.

The firm & # 39; forensic analysis claims that "individuals without a name bought 242 million shares & # 39; Liberty in & # 39; very weak private pakketta $ 0.001", a few days after Aphria announced its plan purchase its shares at 208 times the price.

"Based on the Canadian records & # 39; Exchanges & # 39; Securities believe Aphria / Liberty Chairman Vic Neufeld participated in & # 39; this round & # 39; under, along with & # 39; Andy DeFrancesco, "Hindenburg claims.

In a statement Thursday morning, Aphria asked the first round & # 39; allegations Monday "inaccurate and misleading." The company did not address any specific claim in its statement.

"We are committed to protecting our shareholders and restoring confidence in the market by confirm all the facts through & # 39; independent process to counter insinuzzjoni and deception," said Vic Neufeld, chief executive officer & # 39; Aprhia. "Until then, it is business as usual in & # 39; Aphria, by continuing to take significant steps nissolidifikaw our position as the first global cannabis company."

The price of the stock & # 39; Aphria lost because claims first made public earlier this week.

law firm & # 39; Pennsylvania has also launched a cause & # 39; action & # 39; class against Aphria in light of allegations.

The Kaskela Law said brought an action in & # 39; name people who purchased the securities & # 39; Aphria between 17 & # 39; July 2018 and 4 & # 39; December 2018. The law firm is looking for investors who have suffered losses of & # 39; more than $ 250,000.

production workers shown in 19 & # 39; September 2018, trimming marijuana on a conveyor belt in operations & # 39; Aphria Leamington. Failure & # 39; workers would cause the destruction of & # 39; surfaces & # 39; million dollars in the summer.

Dax Melmer /

Windsor Star

The class action alleges that the defendants made "materially false and misleading statements during the Class Period".

The lawsuit also alleges that Aphria failed to disclose to investors that the Latin American assets acquired "did not have adequate licenses to operate and were overestimated," and that the acquisition of the Latin American assets "embodies the CEO of the Company and persons other entering the field of shareholders. "

Kaskela also alleges that "investors bought securities of & # 39; Aphria at artificially pushed prices during the Class Period and suffered losses of & # 39; investment as a result of the defendants' conduct."

The turmoil follows initial attack Monday by Gabriel Grego, the founder of Xenessenzjali Capital Management. He told delegates at & # 39; & # 39 in conference, New York Aphria haddet funding in & # 39; spent investments held by insiders. F & # 39; & # 39 report plus; Hindenburg, Grego said Aphria, which had a market capitalization & # 39; US $ 2 billion in the last week, is essentially worthless. Both Quintessential and Hindenburg were reported Aphria stock & # 39; a short sale. short seller can & # 39; benefit if the security price decreases.

related

The statement & # 39; Aphria on Thursday morning announced that its directors appointed "special committee" of & # 39; independent directors to review the recent acquisition of the company LATAM Holdings Inc., which closed on 27 & # 39; September 2018. The job of the committee will also "The Company confirms that belief is consistent with all of the company -politiki and practices & # 39; generally accepted corporate governance, "said Aphria.

"The Board reiterated its confidence in the company process leading to the acquisition, as well as in its American operations and strategy," said Aphria. "However, due to inaccurate and misleading accusations by certain short sellers, that their only interest is to exploit decline in shares of the Company, are doing a comprehensive review, conducted by a Special Committee & # 39; independent directors of these , and any other allegations, in the interest of protection of shareholders & # 39; Aphria. "

Aphria Inc. CEO, center & # 39; Vic Neufeld, create employee & # 39; Aphria in Aphria BBQ Inc. to celebrate the legalization of cannabis in a lot of & # 39; Jose & # 39; s Bar and Grill in & # 39; Leamington 17 & # 39; October, 2018.

Dax Melmer /

Windsor Star

The Special Committee is composed by John M. Herhalt, Shlomo Biba and Tom Looney. Aphria said Herhalt, the leading independent director and chairman of the Audit Committee, will serve as & # 39; chairman of the special committee.

"Each of these members is independent and joined the Board after the closing of the acquisition," said Aphria. "The Special Committee is authorized, and expects, keep independent consultants to assist in its review."

I have noticed that we seem to be systematic attempts to hide the true nature of & # 39; these transactions.

Hindenburg blockbuster report released earlier this week, arguing, among other accusations, that recent transactions & # 39; & # 39 Aprhia in; Latin Latin m & # 39; are worthless.

"We have a strong belief that Aphria is part of an orchestrated scheme by network & # 39; insiders to divert funds & # 39; away from shareholders in their own pockets," Hindenburg declared this week in the online report her.

Hindenburg said that recent acquisitions & # 39; & # 39 Aphria of; $ 280 million in Latin America "raise major red flags" and are "most worthless".

Hindenburg maintains that the official registered office of & # 39; $ 145 million acquisition of & # 39; Jamaican of & # 39; Aphria abandoned building is sold by the bank earlier this year.

The firm & # 39; forensic research also claims that Argentina acquisition & # 39; Aphria of & # 39; $ 50 million "publicly boasted sales & # 39; US $ 11M in 2017. However, a worker at the company affirmed that the 2017 revenue was only & # 39; USD 430K."

"The documents show that those who come in & # 39; & # 39 x Aphria, probably unknown to beneficiaries & # 39; these agreements," claims Hindenburg. "We came the realization that appear to be systematic attempts to hide the true nature of & # 39; these transactions."

None of the allegations have been addressed in the courts.

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