GLG Life Tech Corp. Investor Investigation Over Possible Violations Of Securities Laws

If you purchased shares of GLG Life Tech Corp. (NASDAQ: GLGL), and / or if you have any information relating the investigation including those who are former employees or/and whistleblowers, you may have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
GLG Life Tech
Affected Securities: 

San Diego, Nov. 23, 2011 (Shareholders Foundation) -- An investigation on behalf of investors in shares of GLG Life Tech Corp. (NASDAQ:GLGL) over possible Violations of Federal Securities Laws was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of GLG Life Tech Corporation (NASDAQ GLGL) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements regarding GLG Life Tech’s business, its prospects and its operations were potentially materially false and misleading at the time they were made.

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

Then on Nov. 14, 2011, GLG Life Tech Corp. announced its Third Quarter 2011 Results. Among other things, GLG Life Tech Corp. 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 Corp. 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 Corp 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 Corp. (Public, NASDAQ:GLGL) rose in early 2011 to almost $12 but fell to recently as low as $1.16 per share.