The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of India Globalization Capital Inc. (OTCMKTS: IGCC) who purchased shares between October 25, 2017 and October 29, 2018. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the India Globalization lawsuit alleges 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. On October 29, 2018 India Globalization announced that NYSE Regulation would begin the process of delisting the Company and trading would halt immediately.
Shareholders have until January 2, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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