The marijuana producer Aphria slumped as much as 30% — to a low of $5.60 a share — after a firm alleged the company’s business was full of overvalued buyouts and fraudulent financial reporting.
“Aphria is part of a scheme orchestrated by a network of insiders to divert funds away from shareholders into their own pockets,” Quintessential Capital Management’s Hindenburg Research said Monday in a report titled “Aphria: a shell game with a cannabis business on the side.” Aphria did not immediately respond to a request for comment.