The Rosen Law Firm, P.A. and Pomerantz LLP Announce Proposed Securities Class Action Settlement on Behalf of Purchasers of India Globalization Capital, Inc. common stock - IGC

GREENBELT, Md., Jan. 31, 2022 /PRNewswire/ -- The Rosen Law Firm, P.A. and Pomerantz LLP announce that the United States District Court for the District of Maryland has approved the following announcement of a proposed securities class action settlement that would benefit purchasers of India Globalization Capital, Inc. common stock (NYSEAMERICAN: IGC):

SUMMARY NOTICE OF PENDENCY AND

PROPOSED SECURITIES CLASS ACTION SETTLEMENT

TO: ALL PERSONS WHO PURCHASED or acquired the publicly traded COMMON STOCK of INDIA GLOBALIZATION CAPITAL, INC. ("IGC") From September 26, 2018 through October 26, 2018, both dates inclusive.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Maryland, that a hearing will be held on April 13, 2022, at 9:00 a.m. before the Honorable Paul W. Grimm, United States District Judge of the District of Maryland, 6500 Cherrywood Lane, Greenbelt, Maryland 20770, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $1,000,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Plaintiffs' Counsel for attorneys' fees of up to one-third of the Settlement Amount plus a proportionate share of interest accrued on the Settlement Amount, Lead Counsel's reimbursement of litigation expenses incurred of not more than  $60,000, and Award to Plaintiffs of not more than $2,500 each, should be approved; and (4) whether the Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement, dated October 20, 2021 ("Stipulation"). The Court reserves the right to hold the Settlement Hearing telephonically or by other virtual means.

If you purchased or acquired publicly traded IGC common stock from September 26, 2018 through October 26, 2018, both dates inclusive ("Settlement Class Period"), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in IGC common stock. You may obtain copies of the detailed Notice of Pendency and Proposed Settlement of Securities Class Action ("Notice") and the Proof of Claim and Release Form by writing to or calling the Claims Administrator: India Globalization Capital, Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; [email protected]. You can also download copies of the Notice and submit your Proof of Claim and Release Form online at www.strategicclaims.net/IGC/. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form electronically or postmarked no later than March 14, 2022 to the Claims Administrator, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim. 

If you are a Settlement Class Member and desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than March 23, 2022, in the manner and form explained in the detailed Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Stipulation.

Any objection by a Settlement Class Member to the Settlement, Plan of Allocation, Plaintiffs' Counsel's requests for an award to Plaintiffs' Counsel of attorneys' fees and reimbursement of expenses, or Award to Plaintiffs must be in the manner and form explained in the detailed Notice and received no later than March 23, 2022, by each of the following:

If you have any questions about the Settlement, you may call or write to Lead Counsel:

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

Dated: December 27, 2021                                       
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE
DISTRICT OF MARYLAND

SOURCE The Rosen Law Firm, P.A.; Pomerantz LLP