If you purchased India Globalization Capital, Inc. (IGCC) and wish to serve as lead plaintiff in this securities class action, you must move the Court no later than January 2, 2019.
According to the complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between October 25, 2017 and October 29, 2018, the company touted its business prospects, including importation and distribution of its cannabinoid-based therapies to aid Alzheimer’s patients. On October 4, 2018, MarketWatch published an article noting the company’s past troubles with the SEC, its history of changing course as new businesses become popular, and the fact that its business partners appear to be sham companies. As a result, India Globalization Capital’s stock fell over 27% on October 4, 2018, and by closing on October 5, 2018, had dropped an additional almost 37%. Then, on October 29, 2018, the NYSE announced that the company’s stock would be delisted because India Globalization Capital “has substantially discontinued the business that it conducted at the time it was listed or admitted to trading…” On October 30, 2018, shares of IGCC began trading OTC. The stock plummeted over 77% to close at $0.56 per share.