Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at GLG Life Tech Corporation (“GLG” or the “Company”) (Nasdaq: GLGL). Faruqi & Faruqi, LLP seeks to determine whether GLG violated federal securities laws in connection with statements made to the Company’s shareholders.
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The investigation focuses on whether certain individuals violated federal securities laws by failing to disclose that: (1) GLG was experiencing production problems during most of 2011; (2) GLG was experiencing weaker demand for its products than the Company led investors to expect; and (3) GLG’s supply agreement with Cargill, pursuant to which Cargill was required to purchase 80% of its global extract requirements from GLG, was in jeopardy and being renegotiated.
On October 6, 2011, GLG shocked the market with news that GLG was experiencing production issues and weaker Chinese demand for the Company’s products. Then, on November 14, 2011, GLG reported further bad news when the Company reported weak third quarter earnings and withdrew its financial guidance. The Company further disclosed that GLG’s supply agreement with Cargill had been amended to no longer require Cargill to purchase 80% of its global extract requirements from GLG.Take Action If you purchased GLG securities and you would like to discuss your legal rights, visit www.faruqilaw.com/GLGL. You can also contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding GLG’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others. About Faruqi & Faruqi, LLP Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.