House & Home
Thu, December 15, 2011
NEW YORK--([ BUSINESS WIRE ])--Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons who purchased or acquired GLG Life Tech Corporation (aGLGa or the aCompanya) (Nasdaq: GLGL) securities on the NASDAQ between February 1, 2011 and November 13, 2011 inclusive (the aClass Perioda).
A copy of the complaint can be viewed on the firmas website at [ http://www.faruqilaw.com/GLG ]
GLG and certain of its officers are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants failed to inform investors: (1) the truth surrounding GLGas production issues; (2) the poor consumer response to the Companyas AN0C and stevia products; and (3) that the Company would not meet its February 1, 2011 earnings projections.
On October 6, 2011, the Company disclosed for the first time a negative business outlook associated with its stevia and AN0C products, causing GLG stock to drop 42% by the close of business. Subsequently, on November 14, 2011, GLG announced disappointing financial results for the fiscal quarter ending September 30, 2011 and refused to provide any further guidance on future performance.
Plaintiff now seeks to recover damages on behalf of himself and all other investors who purchased or acquired GLG securities on the NASDAQ between February 1, 2011 and November 13, 2011, excluding defendants and their affiliates. Plaintiff is represented by Faruqi & Faruqi, LLP, a national securities law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.
If you wish to obtain information concerning joining this action, you can do so under the aJoin Lawsuita section of our website or by clicking here: [ http://www.faruqilaw.com/GLG ]
If you purchased GLG securities during the Class Period, you may move the court to serve as lead plaintiff of the class no later than February 13, 2012. If you have any questions concerning this notice, the action, or your rights, please contact: