Robbins Arroyo LLP: India Globalization Capital, Inc. (IGC) Misled Shareholders According to a Class Action

SAN DIEGO & BETHESDA, Md.–(BUSINESS WIRE)–$IGC #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP
announces that purchasers of India Globalization Capital,
Inc. (OTC: IGCC) have filed a class action complaint against the
company’s officers and directors for alleged violations of the
Securities Act of 1934 between October 25, 2017 and October 29, 2018.
IGC develops and commercializes cannabis-based therapies to treat
various medical and psychological conditions.

View this information on the law firm’s Shareholder Rights Blog:
https://www.robbinsarroyo.com/india-globalization-capital-inc/

IGC Accused of Misstating Its Business Prospects

According to the complaint, the company touted its business prospects,
including importation and distribution of its cannabinoid-based
therapies to pharmacies in Germany and distribution of its
cannabinoid-based therapies to dispensaries in Puerto Rico to aid
Alzheimer’s patients. On September 28, 2018, IGC announced yet another
distribution agreement and partnership – to distribute cannabis-infused
energy drinks in Canada. This announcement caused IGC’s stock to
sky-rocket by 458%, to go from $2.33 per share on September 25, 2018, to
$13.00 on October 2, 2018.

On October 4, 2018, MarketWatch published an article noting “10
potential red flags for investors in IGC…” including IGC’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, IGC’s stock fell $2.44 per share, or over 27% on
October 4, 2018, and by closing on October 5, 2018, IGC’s stock had
dropped an additional almost 37%. Then, on October 29, 2018, the NYSE
announced that IGC’s stock would be delisted because IGC “has
substantially discontinued the business that it conducted at the time it
was listed or admitted to trading…” On October 30, 2018, shares of IGC
began trading OTC. The stock plummeted over 77% to close at $0.56 per
share.

IGC Shareholders Have Legal Options

Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leonid Kandinov at
(800) 350-6003, LKandinov@robbinsarroyo.com,
or via the shareholder
information form
on the firm’s website.

Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. Sign up for our FREE
portfolio monitoring service, Stock
Watch
.

Attorney Advertising. Past results do not guarantee a similar outcome.

Contacts

Robbins Arroyo LLP
Leonid Kandinov
(619) 525-3990 or Toll Free
(800) 350-6003
LKandinov@robbinsarroyo.com
www.robbinsarroyo.com

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