Izard Nobel LLP Announces Class Action Lawsuit Against GLG Life Tech Corporation
December 19 2011 - 5:30PM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Southern District of
New York on behalf of purchasers of the common stock of GLG Life
Tech Corporation ("GLG" or the "Company") (NASDAQ: GLGL) between
February 1, 2011 and November 13, 2011, inclusive (the "Class
Period").
The Complaint charges that GLG and certain of its officers and
directors violated the federal securities laws by issuing a series
of materially false statements about the Company's business
condition and performance. Specifically, the Complaint alleges that
officials at GLG concealed material adverse facts about: (i) the
truth surrounding GLG's production issues; (ii) the poor consumer
response to the Company's signature All Natural Zero and Zero
Calorie (AN0C) and stevia product lines; and (iii) that GLG would
not meet its earnings projections.
On October 6, 2011, GLG issued a press release containing a
partial acknowledgement the Company was experiencing production,
demand, and distributor issues that were impacting its business.
Then, on November 14, 2011, the Company announced disappointing
financial results for the fiscal quarter ending September 30, 2011.
These results contained the additional acknowledgement that, in
response to ongoing production and demand issues, GLG "decided to
temporarily discontinue providing formal financial guidance in
revenues, EBITDA and capital expenditures."
If you are a member of the class, you may, no later than
February 13, 2012, request that the Court appoint you as lead
plaintiff of the class. A lead plaintiff is a class member that
acts on behalf of other class members in directing the litigation.
Although your ability to share in any recovery is not affected by
the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could
affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/glglifetechcorporation/, or contact Izard
Nobel LLP toll-free: (800)797-5499, or by e-mail:
firm@izardnobel.com. For more information about class action cases
in general, please visit our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa (800) 797-5499 www.izardnobel.com Email
Contact
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