According to the Complaint, India Globalization Capital, Inc. ("IGC" or the Company) operates two distinct business segments. One segment develops and commercializes cannabinoid-based alternative therapies for indications such as Alzheimer's disease, Parkinson's disease, and pain. The Company's second segment, operated since its inception, is a legacy business that involves trading commodities and heavy equipment rental.
The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: IGC was engaged in ventures or promotions which it had not developed to commercial stage; IGC or its management had engaged in operations contrary to the public interest; and that as a result of the foregoing, IGC’s public statements were materially false and misleading at all relevant times and led to IGC's suspension from trading on the NYSE American Stock Exchange, and the commencement of delisting proceedings from that exchange.
On February 28, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 18-CV-03396.
Lead Plaintiff filed a consolidated amended Complaint on May 13. Defendants filed a Motion to Dismiss the consolidated amended Complaint on October 11. On January 29, 2021, the Court issued an Order denying Defendants' Motion to Dismiss.
The parties entered into a Stipulation and Agreement of Settlement on October 20, 2021. The Court granted preliminary approval of the Settlement on December 27. On April 13, 2022, the Court granted final approval of the Settlement, including an award of Attorneys' Fees and Expenses, and entered Final Judgment.