India Globalization Capital, Inc. (IGC) Announces Final Approval of Settlement of Shareholder Class Action Lawsuits
April 18 2022 - 5:28PM
Business Wire
India Globalization Capital, Inc. (the “Company”) (NYSE
American: IGC) announces today that on April 13, 2022, the United
States District Court for the District of Maryland entered an Order
granting final approval of a settlement the Company and two of its
officers (the “Class Action Defendants”) and the plaintiffs in two
(2) previously disclosed shareholder class action lawsuits, both
filed on November 2, 2018 and then consolidated on February 28,
2019: Tchatchou v. India Globalization Capital, Inc., et al., Civil
Action No. 8:18-cv-03396; and Harris-Carr v. India Globalization
Capital, Inc., et al., Civil Action No. 8:18-cv-03408
(collectively, the “Litigation”).
As previously disclosed, on April 6, 2021, the plaintiffs and
Class Action Defendants reached an agreement in principle to settle
all pending shareholder litigation matters, subject to the
execution of formal settlement documentation and approval by the
Court. On October 20, 2021, the plaintiffs and Class Action
Defendants executed formal settlement documentation. The Company
complied with its obligations under the settlement, with most of
the settlement paid through the Company’s insurance policy, as
previously disclosed. At the April 13, 2022 final settlement
approval hearing, the Court issued an order granting final approval
of the settlement and dismissing the Litigation. The settlement and
related dismissal resolve all shareholder class action lawsuits
pending against the Company and its officers. Additional
information regarding the terms of settlement can be found on the
Company’s February 10, 2022 Form 10-Q.
The Company is focused on working on Alzheimer’s disease. Having
completed a Phase 1 trial on safety and tolerability using IGC-AD1,
the first, naturally derived, THC based investigational new drug
candidate, the Company is working on obtaining FDA approvals for a
multisite, randomized, Phase 2, powered, placebo controlled, study
to evaluate the efficacy of IGC-AD1 on neuropsychiatric symptoms,
including agitation, associated with dementia due to Alzheimer’s.
The Company will be presenting its findings at the 3rd Latinos
& Alzheimer’s Symposium to be held in Florida on April 25 and
26, 2022.
Alzheimer’s disease impacts about 50 million people worldwide
and about 5.5 million individuals in the U.S. Over 70% of these
patients face one or more debilitating symptoms, including
agitation, anxiety, and depression (Mendez, 2021). Agitation in
dementia patients can include excessive physical movement and
verbal activity, restlessness, pacing, belligerence, aggression,
screaming, crying, and wandering. Currently, there is no
FDA-approved medication to alleviate symptoms of dementia, such as
agitation, due to Alzheimer’s disease. The Company is hopeful that
eventually IGC-AD1 can help millions of Alzheimer’s patients
worldwide that suffer from these neuropsychiatric symptoms.
About IGC:
India Globalization Capital, Inc. (IGC), headquartered in
Maryland, engages in the development of cannabinoid-based therapies
for healthcare applications. IGC recently completed the first Phase
1 safety and tolerability clinical trial for patients suffering
from Alzheimer’s disease using a THC-based investigational new drug
candidate. The Company also operates an infrastructure business
based in India. www.igcinc.us, www.igcpharma.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220418005528/en/
Claudia Grimaldi info@igcinc.us 301-983-0998
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