SOURCE: Izard Nobel LLP

December 19, 2011 17:30 ET

Izard Nobel LLP Announces Class Action Lawsuit Against GLG Life Tech Corporation

WEST HARTFORD, CT--(Marketwire - Dec 19, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of GLG Life Tech Corporation ("GLG" or the "Company") (NASDAQ: GLGL) between February 1, 2011 and November 13, 2011, inclusive (the "Class Period").

The Complaint charges that GLG and certain of its officers and directors violated the federal securities laws by issuing a series of materially false statements about the Company's business condition and performance. Specifically, the Complaint alleges that officials at GLG concealed material adverse facts about: (i) the truth surrounding GLG's production issues; (ii) the poor consumer response to the Company's signature All Natural Zero and Zero Calorie (AN0C) and stevia product lines; and (iii) that GLG would not meet its earnings projections.

On October 6, 2011, GLG issued a press release containing a partial acknowledgement the Company was experiencing production, demand, and distributor issues that were impacting its business. Then, on November 14, 2011, the Company announced disappointing financial results for the fiscal quarter ending September 30, 2011. These results contained the additional acknowledgement that, in response to ongoing production and demand issues, GLG "decided to temporarily discontinue providing formal financial guidance in revenues, EBITDA and capital expenditures."

If you are a member of the class, you may, no later than February 13, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/glglifetechcorporation/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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