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Aphria to review LATAM acquisition in face of 'inaccurate' allegations by short sellers

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Shares of Aphria Inc. sank 8.4% in premarket trade Thursday, after the Canada-based cannabis company said it has appointed a special committee to review its LATAM Holdings Inc. acquisition, which was completed in September. The shares had plummeted 43% over the past two sessions, closing Tuesday at a 17-month low, after short seller Quintessential Capital Management said Aphria's recent C$280 million Latin America acquisitions raised "major red flags," as its research suggested they appeared largely worthless, an allegation Aphria denied by saying it "unequivocally" stands behind the LATAM deal. On Thursday, the company said it remained confident in the process leading to the acquisition. "However, in the face of inaccurate and misleading accusations by certain short-sellers, whose sole interest is in profiting from a decline in the Company's shares, it is undertaking a comprehensive review, led by a Special Committee of independent directors of these, and any other, allegations in the interest of protecting Aphria shareholders," Aphria said in a statement. The stock had dropped 72.3% over the past three months, while the ETFMG Alternative Harvest ETF has shed 18.2% and the S&P 500 has lost 6.2%.

 

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