NEW YORK, Nov. 3, 2018 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of India Globalization Capital, Inc. ("IGC" or the "Company") (NYSE: IGC) (OTC: IGCC) between October 25, 2017 and October 29, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover IGC shareholders' investment losses.
If you purchased IGC securities, and/or would like to discuss your legal rights and options, please visit India Globalization Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or firstname.lastname@example.org.
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) IGC's business model was in a state of change in order to lure potential blockchain and cannabis investors; (2) IGC had overstated the benefits of its relationships with manufacturers, partners, and distributors in order to inflate its potential commercial success in the blockchain and cannabis markets; (3) as a result, the New York Stock Exchange delisted IGC's shares from their exchange; and (4) consequently, Defendants' statements about IGC's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On October 29, 2018, the NYSE American LLC ("NYSE American" or the "Exchange") "announced today 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." The Exchange further stated that the "Company or its management have engaged in operations which, in the opinion of the Exchange, are contrary to the public interest."
On this news, shares of IGC were halted until October 30, 2018, when shares of IGC began trading on the OTC under the ticker symbol "IGCC." Upon resumption of trading on October 30, 2018, IGC's share price plummeted $1.93 per share, or over 77.5%, from its previous closing price to close at $0.56 per share on October 30, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than January 2, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased IGC securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/india-globalization-capital-inc-igc-lawsuit-class-action-fraud-stock-90/ or contact Daniel Sadeh toll free at (877) 779-1414 or email@example.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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