GLG Life Tech Corporation
GLG Life Tech Corporation (NASDAQ: GLGL)
MURRAY FRANK LLP is investigating securities fraud claims against GLG Life Tech Corporation (“GLG Life Tech” or the “Company”) (NASDAQ: GLGL) and certain of its officers, on behalf of purchasers of GLG Life Tech securities between February 1, 2011 and November 13, 2011, inclusive (the “Class Period”).
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The investigation concerns violations of the Securities Exchange Act of 1934 (the “Exchange Act”) that occurred when the Company and certain of its officers issued materially false and misleading statements during the Class Period regarding GLG Life Tech’s financial performance and business operations and prospects.
Specifically, it is alleged that during 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 product appearance quality of its products; (2) consumers were responding poorly to the Company’s AN0C and stevia products; and (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 for 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 within the Class Period, 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 wish to discuss this investigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
Contact:
MURRAY FRANK LLP
Bridget Hamill
212-682-1818
800-497-8076
Investigations@murrayfrank.com
www.murrayfrank.com
MURRAY FRANK LLP is investigating securities fraud claims against GLG Life Tech Corporation (“GLG Life Tech” or the “Company”) (NASDAQ: GLGL) and certain of its officers, on behalf of purchasers of GLG Life Tech securities between February 1, 2011 and November 13, 2011, inclusive (the “Class Period”).
Join the Class Action
Firm Resume
The investigation concerns violations of the Securities Exchange Act of 1934 (the “Exchange Act”) that occurred when the Company and certain of its officers issued materially false and misleading statements during the Class Period regarding GLG Life Tech’s financial performance and business operations and prospects.
Specifically, it is alleged that during 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 product appearance quality of its products; (2) consumers were responding poorly to the Company’s AN0C and stevia products; and (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 for 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 within the Class Period, 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 wish to discuss this investigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
Contact:
MURRAY FRANK LLP
Bridget Hamill
212-682-1818
800-497-8076
Investigations@murrayfrank.com
www.murrayfrank.com