Violations of federal securities laws as a result of the Company’s issuance of a series of materially false statements. Specifically, the Complaint alleges that Defendants failed to inform investors of (1) the truth surrounding GLG’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 GLG stock to drop 42% by the close of business. Subsequently, on November 14, 2011, GLG announced disappointing financial results for the fiscal quarter ending September 30, 2011 and refused to provide any further guidance on future performance. Filed in S.D.N.Y.
Lead Plaintiff Motion Date: The deadline to file for lead plaintiff in this action is 02/13/2012.
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