04:49 PM EDT, 03/26/2025 (MT Newswires) -- Tilray Brands ( TLRY ) and its HEXO subsidiary after trade Wednesday announced the successful dismissal of a lawsuit against them.

Specifically, a statement noted, the Massachusetts Superior Court, Suffolk County, granted Tilray's and HEXO's summary judgment motion in full, dismissing claims. The court had previously ruled that the plaintiff's claims against the defendants are subject to arbitration.

Wednesday's statement noted the plaintiff sought damages totaling near US$8 million, alleging that HEXO and Tilray failed to properly disclose and notify shareholders of HEXO's corporate actions in December, 2022, and Tilray's acquisition of HEXO in June, 2023. Plaintiff alleged this lack of notice caused financial loss to shareholders. The plaintiff further alleged that HEXO manufactured the reverse stock split to "delete" or otherwise wrongfully convert his HEXO shares.

In its Order, Wednesday's statement noted, the court rejected plaintiff allegations, finding the plaintiff cited no sufficient evidence that the identified corporate actions caused financial loss or that HEXO and Tilray failed to properly notify shareholders of Tilray's acquisition. The court further held that the plaintiff was unable to establish credible damages arising from his claims.

It is uncertain if plaintiff will appeal the ruling of the Massachusetts Superior Court, the statement added.

Tilray shares were last seen up 0.2 US cents to US$0.66 in after-hours Nasdaq trade. They closed down $0.04 to $0.94 on the Toronto Stock Exchange.