Murray Frank LLP Files Class Action Against GLG Life Tech Corporation
03 2월 2012 - 10:08AM
Business Wire
Murray Frank LLP has filed a class action complaint in the
United States District Court for the Southern District of New York
(Case No. 12 Civ. 0672) on behalf of all individuals and
institutions who purchased securities of GLG Life Tech Corporation
(“GLG Life Tech” or the “Company”)(NASDAQ:GLGL) during the period
between February 1, 2011 and November 13, 2011 (the “Class
Period”), seeking to pursue remedies under the Securities Exchange
Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, the
Defendants made false and misleading statements about or knew but
failed to disclose that: (1) the Company’s original equipment
manufacturers were experiencing production issues that impacted the
packaging and appearance quality of its products; (2) consumers
were responding poorly to the Company’s AN0C and stevia products;
and/or (3) the Company would not meet its earnings projections.
On October 6, 2011, GLG Life Tech issued a press release
disclosing for the first time a negative outlook concerning its
AN0C and stevia products. On the news, the Company’s stock price
dropped by 42% from a close of $3.45 per share on October 5, 2011
to a close of $1.99 per share on October 6, 2011.
Subsequently, on November 14, 2011, the Company announced
financial results for the period ending September 30, 2011. Revenue
for the period was $1.7 million, versus revenue of $20.9 million
for the same period in the previous year. EBITDA for the period was
negative $8.8 million, versus EBITDA of $6.1 million for the same
period in the previous year. Following its announcement of these
disappointing results, the Company’s management declined to provide
any further formal guidance on revenues, EBITDA, or capital
expenditures. On the news, the Company’s stock price continued to
drop, from a close of $2.32 per share on November 11, 2011 (the
last trading day before the announcement) to a close of $2.01 on
November 14, 2011.
If you purchased GLG Life Tech securities during the period
between February 1, 2011 and November 13, 2011, you may move the
Court, not later than February 13, 2012, to serve as Lead Plaintiff
for the Class. A Lead Plaintiff is a representative chosen by the
Court who acts on behalf of other class members in directing the
litigation. You do not need to be a Lead Plaintiff to be included
in the class. If you purchased GLG Life Tech common securities and
wish to discuss this litigation, or have any questions concerning
this Notice or your rights or interests with respect to these
matters, please contact Bridget Hamill at (800) 497-8076, (212)
682-1818, or via email at bhamill@murrayfrank.com.
Glg Life Tech Corp (MM) (NASDAQ:GLGL)
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Glg Life Tech Corp (MM) (NASDAQ:GLGL)
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