Faruqi & Faruqi, LLP Announces Investigation of GLG Life Tech Corporation
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.
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.
If you purchased GLG securities and you would like to discuss your legal rights, 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 firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding GLG’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.