After the significant decline in Aphria’s (APHA) value last week, the company provided some respite to investors by purchasing shares worth $3.1 million. The company announced a special committee that consists of independent directors who will review the allegations that led Aphria’s downfall.
Aphria stock fell 9%
On December 13, Aphria stock fell ~9.5% to 7.04 Canadian dollars. Compared to the closing of 6.9 Canadian dollars on December 7, the stock has risen nearly 1.6%. Several law firms that announced investigations into allegations against the company kept reminding investors of the February 4 deadline in the class action lawsuit.
Aphria announced a letter of intent on December 12 for a supply agreement with exclusive rights to ship medical cannabis to Paraguay with Insumos Medicos, S.A. The company’s president, Jakob Ripshtein, said, “Latin America continues to represent an important growth opportunity within the global medical cannabis industry, and we are excited to be among the first to enter the rapidly emerging market in Paraguay.”