Shares of Aphria Tumble on TSE
A bad day on the Toronto Stock Exchange for a Leamington based cannabis grower.
Shares of Aphria Inc. lost more than a quarter of their value in early trading following a report by a short seller.
Aphria shares were down 2.84 or about 27 per cent at $7.67 in heaving trading on the Toronto Stock Exchange.
The report by Quintessential Capital Management is alleging Aphria bought foreign companies at inflated prices in ways that it believes benefit a group of insiders.
Aphria called the allegations false and defamatory.
(Photo courtesy of CTV Windsor's Rich Garton)
The company says it is preparing a comprehensive response to provide shareholders with the facts and is also pursuing all available legal options.
Quintessential says it is short on Aphria, which means it will make money if the share price drops.