Faruqi & Faruqi, LLP Announces Investigation of GLG Life Tech Corporation
22 Novembre 2011 - 10:30PM
Business Wire
Faruqi & Faruqi, LLP, a national law firm concentrating on
investor rights, consumer rights and enforcement of federal
antitrust laws, is investigating potential wrongdoing at GLG Life
Tech Corporation (“GLG” or the “Company”) (Nasdaq: GLGL). Faruqi
& Faruqi, LLP seeks to determine whether GLG violated federal
securities laws in connection with statements made to the Company’s
shareholders.
Request more information now by clicking here:
www.faruqilaw.com/GLGL
The investigation focuses on whether certain individuals
violated federal securities laws by failing to disclose that: (1)
GLG was experiencing production problems during most of 2011; (2)
GLG was experiencing weaker demand for its products than the
Company led investors to expect; and (3) GLG’s supply agreement
with Cargill, pursuant to which Cargill was required to purchase
80% of its global extract requirements from GLG, was in jeopardy
and being renegotiated.
On October 6, 2011, GLG shocked the market with news that GLG
was experiencing production issues and weaker Chinese demand for
the Company’s products. Then, on November 14, 2011, GLG reported
further bad news when the Company reported weak third quarter
earnings and withdrew its financial guidance. The Company further
disclosed that GLG’s supply agreement with Cargill had been amended
to no longer require Cargill to purchase 80% of its global extract
requirements from GLG.
Take Action
If you purchased GLG securities and you would like to discuss
your legal rights, visit www.faruqilaw.com/GLGL. You can also
contact us by calling Anthony Vozzolo or Richard W. Gonnello toll
free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
avozzolo@faruqilaw.com or rgonnello@faruqilaw.com. Faruqi &
Faruqi, LLP also encourages anyone with information regarding GLG’s
conduct to contact the firm, including whistleblowers, former
employees, shareholders and others.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP is a national law firm, representing
investors, consumers and companies in the prosecution of claims
under state corporate and consumer laws and the federal securities
and antitrust laws. The lawyers at Faruqi & Faruqi, LLP have
demonstrated a clear commitment to championing the rights of
shareholders and consumers nationwide.
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