GLG Life Tech Corporation (NASDAQ: GLGL) Investor Securities Class Action Lawsuit 12/14/2011

If you purchased shares of GLG Life Tech Corporation (NASDAQ: GLGL), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
GLG Life Tech
Case Name: 
GLG Life Tech Shareholder Class Action Lawsuit 12/14/2011
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: GLGL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/16/2011
Class Period Begin: 
02/01/2011
Class Period End: 
11/13/2011
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
02/13/2012
Case Dismissed: 
02/03/2014
Summary: 

February 3, 2014 - The court granted the defendants motion to dismiss and ordered the case closed.

March 29, 2013 - The defendants filed a motion to dismiss.

March 15, 2013 - The lead plaintiffs filed an amended consolidated complaint.

June 25, 2012 - Defendants filed a motion to dismiss.

May 10, 2012 - The lead plaintiffs filed a consolidated complaint.

March 21, 2012 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

February 13, 2012 - Lead plaintiff motions were filed.

December 14, 2011 - An investor in shares of GLG Life Tech Corportation (NASDAQ: GLGL now trading on the OTC sheets as GLGLF) filed a lawsuit in the U.S. District Court for the Southern District of New York against GLG Life Tech Corporation over alleged Violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of all persons who purchased or acquired GLG Life Tech Corporation (NASDAQ: GLGL) securities on the NASDAQ between February 1, 2011 and November 13, 2011, that GLG Life Tech Corporation and certain of its officers violated the Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by issuing a series of materially false and misleading statements.

On October 6, 2011, GLG Life Tech Corporation (NASDAQ: GLGL) provided a business update on its AN0C consumer products business in China and global stevia business.

Then on Nov. 14, 2011, GLG Life Tech Corporation announced its Third Quarter 2011 Results. Among other things, GLG Life Tech Corporation announced that the Revenue for the three months ended September 30, 2011 decreased 92% to $1.7 million compared to $20.9 million in revenue for the same period last year. Its third quarter Net Income from 2010 turned into a third quarter 2011 Net Loss. GLG Life Tech Corporation also announced that it and Cargill have agreed that the exclusivity obligations of both parties and the parties' product supply, sourcing and purchase obligations will not continue beyond September 30, 2011.

Further GLG Life Tech Corporation said that it is modifying its guidance policy. GLG Life Tech Corporation said that due to the continued turmoil in the financial markets and high degree of uncertainty in the economy in general it makes particularly difficult to predict the timing of its sales and therefore, its management has decided to temporarily discontinue providing formal financial guidance on revenues, EBITDA and capital expenditures.

Shares of GLG Life Tech Corporation (NASDAQ: GLGL) rose in early 2011 to almost $12 but fell to recently as low as $0.65 per share.