NEW YORK, NY / ACCESSWIRE / January 11, 2019 / Pomerantz LLP announces that a class action lawsuit has been filed against Liberty Health Science, Inc. (''Liberty'' or the ''Company'') (LHSIF) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and indexed under 19-cv-00161, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired Liberty common stock between June 28, 2018 and December 3, 2018, both dates inclusive (the ''Class Period''), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the ''Exchange Act'') and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Liberty Class A common stock between June 28, 2018 and December 3, 2018, you have until March 8, 2019 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Liberty was incorporated under the Business Corporations Act (British Columbia) on November 9, 2011, as SecureCom Mobile Inc. The Company's principal business activity is the production and distribution of medical cannabis through its wholly-owned subsidiary DFMMJ LLC (d/b/a Liberty Health Sciences Florida Ltd.).
Aphria, Inc. (''Aphria''), which also produces and distributes cannabis, has had longstanding ties with Liberty, starting from the very beginning of both companies. When Aphria was founded in 2014, Victor Neufeld (''Neufeld'') joined the firm as CEO and co-founder. One of Aphria's other early institutional backers included The Delavaco Group, Front St. Capital, York Plains, and Broadband Capital of NYC.
Neufeld became the Chairman of Liberty while Cole Cacciavillani, Aphria's chief agronomist and co-founder, also became one of the executives at Liberty. Liberty was heavily influenced by Aphria and individuals involved in the management of Aphria. Neufeld and the Serruya are large shareholders in both companies.
The complaint alleges throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Liberty, in conjunction with Aphria, was involved in a scheme whereby numerous fraudulent acquisitions and transactions were made to provide undue benefits to both companies' insiders; and (ii) as a result, Liberty's public statements were materially false and misleading at all relevant times.