GLG.to up some on news. Took huge downturn on fraud allegations, but today's response denying allegations helped get this off the bottom..there could be a lot more upside on this. GLGL is the US stock.
GLG denies claim of false 2011 financial statements
2011-10-11 22:03 ET - News Release
Ms. Sophia Luke reports
GLG LIFE TECH CORPORATION RESPONDS TO UNFOUNDED ALLEGATIONS
GLG Life Tech Corp. has responded to various unfounded allegations in connection with the company's global stevia business and AN0C joint venture operations.
The company has become aware of certain allegations made against it in an article dated Oct. 7, 2011, published on the GeoInvest website in the United States. Generally, the allegations claim that the company's 2011 financial statements may have been misrepresented and that the company failed to provide adequate disclosure surrounding its operational activities.
While the company does not typically respond to rumours or allegations raised in the market, the company believes it is appropriate to respond to these allegations. The company unequivocally denies that the company's previously filed financial statements were misrepresented and believes it has properly and accurately disclosed the nature of its business and operations. The article contains a number of allegations regarding specific operational matters that the company believes are either wholly inaccurate or misleading.
As stated in the company's press release issued Oct. 6, 2011, the company remains confident in its business strategy, its growth opportunities, its people, and the progress it is making with both its global stevia business and the AN0C all-natural sweetened zero-calorie products in China.
About AN0C
AN0C focuses on the sale and distribution of all-natural zero-calorie food and beverage products in China that are sweetened with stevia provided by GLG Life Tech.
We seek Safe Harbor.
