Case Page

 

Case Status:    DISMISSED    
On or around 02/05/2014 (Other)

Filing Date: December 14, 2011

According to a press release dated December 14, 2011, the Company and certain of its officers are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants failed to inform investors: (1) the truth surrounding the Company’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 its stock to drop 42% by the close of business. Subsequently, on November 14, 2011, the Company announced disappointing financial results for the fiscal quarter ending September 30, 2011 and refused to provide any further guidance on future performance.

On March 21, 2012, an Order Granting the Lardy Investor Group's Motion for Consolidation; Appointment as Lead Plaintiff; and Approval of Lead Counsel was issued by the Court.

On May 10, 2012, a Consolidated Securities Class Action Complaint was filed by the lead plaintiffs against the defendants.

On March 15, 2013, an Amended Consolidated Securities Class Action Complaint was filed by the lead plaintiffs against the defendants.

On March 29, 2013, a motion to dismiss the plaintiff's amended consolidated securities class action complaint was filed by GLC life Tech Corporation, Brian Meadows, Luke Zhang.

On January 31, 2014, the Court issued an Order granting the defendants' motion to dismiss. The Clerk of Court was directed to terminate this action.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Chemical Manufacturing
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: GLGL
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 11-CV-09150
JUDGE: Hon.Barbara S. Jones
DATE FILED: 12/14/2011
CLASS PERIOD START: 02/01/2011
CLASS PERIOD END: 11/13/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 11-CV-09150
JUDGE: Hon.Barbara S. Jones
DATE FILED: 05/10/2012
CLASS PERIOD START: 02/01/2011
CLASS PERIOD END: 11/13/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
No Document Title Filing Date