Murray Frank LLP Files Class Action
Class Action News
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 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.
www.murrayfrank.com
Related listings
-
Robbins Geller Rudman & Dowd LLP Files Class Action
Class Action News 01/30/2012Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Northern District of Alabama on behalf of purchasers of the common stock of Walter Energy, Inc. between April 20, ...
-
Holzer Holzer & Fistel, LLC Announces Class Action Lawsuit
Class Action News 01/30/2012Holzer Holzer & Fistel, LLC announces that it has filed a class action lawsuit in the United States District Court for the Eastern District of New York on behalf of purchasers of Cablevision Systems Inc. common stock who purchased shares between ...
-
Robbins Geller Rudman & Dowd LLP Files Class Action Suit
Class Action News 01/26/2012Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the District of Kansas on behalf of purchasers of Collective Brands, Inc. commo...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.