Shareholder Lawsuit Challenges Tilray’s Voting Tactics For Authorized Share Increase
Tilray Brands Inc. (NASDAQ:TLRY) faces a new shareholder lawsuit accusing the Canadian cannabis company of misleading voting practices for a second consecutive year.
The legal complaint, filed on October 31, 2024 in the Delaware Court of Chancery, alleges that Tilray misled investors regarding the voting requirements to increase its authorized shares, reported Investing.com.
Disputed Voting Standards And Shareholder Allegations
According to the lawsuit, Tilray’s proxy statements for the 2023 and 2024 annual meetings inaccurately presented the voting standards needed for approval. The plaintiff argues that the company required only a majority of votes cast, rather than a majority of all outstanding shares, to pass …