LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired India Globalization Capital, Inc. (“India Globalization” or the “Company”) (OTC: IGC , IGCC) securities between October 25, 2017 and October 29, 2018, inclusive (the “Class Period”). India Globalization investors have until January 2, 2019 to file a lead plaintiff motion.
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On October 29, 2018, the NYSE American LLC (“NYSE American” or the “Exchange”) announced “that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of India Globalization Capital, Inc. — ticker symbol IGC — from the Exchange. Trading in the Company’s common stock on the NYSE American will be suspended immediately.” As a result, shares of India Globalization were suspended until October 30, 2018, when shares of IGC began trading on the OTC under the ticker symbol “IGCC.” India Globalization’s share price fell $1.93 per share, or more than 77.5%, to close at $0.56 per share on October 30, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) India Globalization’s business model was in a state of change in order to lure potential blockchain and cannabis investors; (2) India Globalization had overstated the benefits of its relationships with manufacturers, partners, and distributors in order to inflate the Company’s potential commercial success in the blockchain and cannabis markets; (3) as a result, the NYSE delisted India Globalization’s shares from their exchange; and (4) consequently, Defendants’ statements about India Globalization’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased shares of India Globalization during the Class Period you may move the Court no later than January 2, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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