Tilray Brands, Inc. Wins Legal Battle in Shareholder Lawsuit

On November 6, 2024, Tilray Brands, Inc. (“Tilray”) faced a lawsuit titled Nabil Salama v. Tilray Brands, Inc., et. al (C.A. No. 2024-1124-JTL) concerning the voting standard for the approval of authorized share proposals. The lawsuit alleged that Tilray’s proxy statement for its 2024 Annual Meeting of Stockholders misapplied the voting standard and that certain share proposals were not validly approved by stockholders. Additionally, the directors were accused of breaching fiduciary duties by providing inaccurate disclosures regarding the proposals.

Following these allegations, on November 27, 2024, the Court of Chancery of Delaware ruled in favor of Tilray, granting the company and its directors summary judgment. The court affirmed that Tilray appropriately applied the majority-of-votes-cast voting standard to its Authorized Shares Proposals. Consequently, Tilray adjourned its 2024 annual meeting to specifically address the Authorized Shares Proposal, scheduling a continuation on December 19, 2024, virtually at www.virtualshareholdermeeting.com/TLRY2024.

This recent legal development is accompanied by supplemental disclosures filed on Schedule 14A, providing additional information related to the 2024 Proxy Statement. It is advised that these disclosures be carefully reviewed alongside the Proxy Statement available on the SEC’s website. The company has emphasized that any discrepancies or updates in the disclosed information supersede or supplement the details in the Proxy Statement.

Moreover, the Board of Directors and executive officers of Tilray are actively engaged in soliciting proxies from stockholders concerning the upcoming event. Information regarding the participants in this process, including their interests, can be found in the 2024 Proxy Statement.

In a cautionary statement regarding forward-looking matters, Tilray outlined that certain statements in the filing may constitute forward-looking information or statements under Canadian securities laws and the Securities Act of 1933. The company stressed the importance of assessing risks associated with forward-looking statements and advised referring to previous financial filings for a comprehensive understanding of potential risks.

For further details on this legal victory and ongoing shareholder proceedings, stakeholders are encouraged to review the official filings and statements available through the Securities and Exchange Commission (SEC).

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Tilray Brands, Inc.”

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Tilray’s 8K filing here.

Tilray Company Profile

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.