India Globalization Capital, Inc. (OTC: IGCC) Investor Securities Class Action Lawsuit 11/02/2018

If you purchased a significant amount of shares of India Globalization Capital, Inc. (OTC: IGCC) between October 25, 2017 and October 29, 2018, and / or if you purchased any OTC: IGCC shares prior to October 2017 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: January 2, 2019.. OTC: IGCC investors 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): 
India Globalization Capital
Case Name: 
India Globalization Capital Shareholder Class Action Lawsuit 11/02/2018
Case Status: 
Lawsuit Filed
Affected Securities
OTC: IGCC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/02/2018
Class Period Begin: 
10/25/2017
Class Period End: 
10/29/2018
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
01/02/2019
Summary: 

An investor in shares of India Globalization Capital, Inc. (OTC: IGCC) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by India Globalization Capital, Inc. in connection with certain allegedly false and misleading statements made between October 25, 2017 and October 29, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of India Globalization Capital, Inc. (OTC: IGCC) common shares between October 25, 2017 and October 29, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between October 25, 2017 and October 29, 2018, the defendants made false and/or misleading statements and/or failed to disclose that India Globalization’s business model was in a state of change in order to lure potential blockchain and cannabis investors, that India Globalization had overstated the benefits of its relationships with manufacturers, partners, and distributors in order to inflate its potential commercial success in the blockchain and cannabis markets, that as a result, the New York Stock Exchange delisted India Globalization’s shares from its exchange, and that consequently, defendants’ statements about India Globalization’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Bethesda, MD based India Globalization Capital, Inc. engages in the development and commercialization of cannabis-based therapies to treat Alzheimer's, pain, nausea, eating disorders, several end points of Parkinson's, and epilepsy in humans, dogs, and cats.

India Globalization Capital, Inc. reported that its Total Revenue rose from $580.37 million for the 12 months period that ended on March 31, 2017 to over $2.19 billion for the 12 months period that ended on March 31, 2018 and that its Net Loss over those respective time periods declined from over $1.86 billion to over $1.78 billion.

On October 29, 2018, the NYSE American LLC ("NYSE American" or the "Exchange") "announced that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of India Globalization Capital, Inc. (NYSE: IGC) — ticker symbol IGC —from the Exchange. Trading in the Company's common stock on the NYSE American will be suspended immediately." The Exchange further stated that the "Company or its management have engaged in operations which, in the opinion of the Exchange, are contrary to the public interest."