Levi & Korsinsky announces that a class action lawsuit has commenced in the U.S. District Court for the Southern District of New York on behalf of investors who purchased GLG Life Tech Corporation (“GLG” or the “Company”) (Nasdaq: GLGL) securities between February 1, 2011 and November 13, 2011 (the “Class Period”).
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The complaint alleges that defendants' positive statements about the Company were lacking in a reasonable basis of fact and thus were materially false and misleading. Throughout the Class Period, GLG issued positive statements regarding its business growth and development in relation to the sale of stevia and ANOC. The complaint alleges that defendants failed to inform investors of: (1) the truth surrounding GLG’s production issues; (2) the poor consumer response to the Company’s AN0C and stevia products; and (3) that the Company would not meet its February 1, 2011 earnings projections.
On October 6, 2011, the Company disclosed for the first time a negative business outlook associated with its stevia and AN0C products, causing GLG stock to drop 42% by the close of business. Subsequently, on November 14, 2011, GLG announced disappointing financial results for the fiscal quarter ending September 30, 2011 and refused to provide any further guidance on future performance.
If you suffered a loss in GLG you have until February 13, 2012
to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at
or by telephone at (877) 363-5972, or visit
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Attorney advertising. Prior results do not guarantee similar outcomes.