The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who purchased or acquired India Globalization Capital, Inc. (India Globalization or the Company) (NYSE: IGC, OTC: IGCC) securities between October 25, 2017 and October 29, 2018 (the Class Period). Investors have until January 2, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that: (1) India Globalizations 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 its potential commercial success in the blockchain and cannabis markets; (3) as a result, the New York Stock Exchange delisted India Globalizations shares from its exchange; and (4) consequently, defendants statements about India Globalizations 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, India Globalization stock fell $1.96 per share, or over 78%, from its previous closing price to close at $0.53 per share on October 30, 2018.
If you purchased or otherwise acquired India Globalization securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs law firm concentrating in securities, antitrust, and whistleblower litigation. The firms efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerneys website: www.kmllp.com.
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