2 unchanged sentences
Such matters are subject to many uncertainties, and outcomes are not predictable with assurance.
−Removed: There are no such matters that are deemed material to the consolidated financial statements as of September 30, 2020.
−Removed: As of September 30, 2020, the Company was a party to two shareholder lawsuits, as described below.
+Added: There are no such matters that are deemed material to the consolidated financial statements as of December 31, 2020.
+Added: As of December 31, 2020, the Company was a party to two shareholder lawsuits, as described below.
Shareholder Class Action Litigation
3 unchanged sentences
On November 2, 2018, IGC shareholder Alde-Binet Tchatchou instituted a shareholder class action complaint on behalf of himself and all others similarly situated in the United States District Court for the District of Maryland.
−Removed: IGC, Ram Mukunda, Richard Prins, and Sudhakar Shenoy were named as defendants.
−Removed: On May 13, 2019, the plaintiff in the Tchatchou litigation filed an amended complaint against IGC, Mukunda, and Claudia Grimaldi, (collectively, the “Class Action Defendants”), thereby removing Prins and Shenoy as defendants.
−Removed: The plaintiff in Tchatchou alleges that the Class Action Defendants violated Section 10(b) of the Exchange Act, SEC Rule 10b-5, and Section 20(a) of the Exchange Act and made false and misleading statements to the public by issuing a September 25, 2018, press release entitled “IGC to Enter the Hemp/CBD-Infused Energy Drink Space” and related disclosures, in which IGC announced it had “executed a distribution and partnership agreement” for the sugar-free energy drink named Nitro G, as well as through related public statements.
−Removed: The plaintiff in Tchatchou has not publicly disclosed the amount of damages they seek.
+Added: On May 13, 2019, the plaintiff filed an amended complaint against IGC, Ram Mukunda, and Claudia Grimaldi, (collectively, the “Class Action Defendants”).
+Added: The plaintiff alleges that the Class Action Defendants violated Section 10(b) of the Exchange Act, SEC Rule 10b-5, and Section 20(a) of the Exchange Act and made false and misleading statements to the public by issuing a September 25, 2018, press release entitled “IGC to Enter the Hemp/CBD-Infused Energy Drink Space” and related disclosures, in which IGC announced it had “executed a distribution and partnership agreement” for the sugar-free energy drink named Nitro G, as well as through related public statements.
+Added: The plaintiff has not publicly disclosed the amount of damages they seek.
On February 28, 2019, all pending shareholder class actions were consolidated, and the Tchatchou litigation was designated as the lead case.
−Removed: On October 11, 2019, Company and the other the Class Action Defendants filed a motion to dismiss the consolidated shareholder class action litigation on a number of grounds, including that the Class Action Defendants did not make any false or misleading statements or any materially false or misleading statements to the public;
−Removed: the Class Action Defendants did not act with any intent to deceive the public, nor did they recklessly do so;
−Removed: and that the Class Action Defendants’ alleged conduct did not cause any loss allegedly suffered by the class action plaintiffs.
−Removed: The motion to dismiss remains pending before the United States District Court for the District of Maryland, and the Company anticipates that a decision may be issued by March 31, 2021, although it can provide no assurances of the same.
+Added: On October 11, 2019, Company and the other the Class Action Defendants filed a motion to dismiss the consolidated shareholder class action litigation.
+Added: On January 29, 2021, the court denied the motion to dismiss.
+Added: The Company’s responsive pleading is due on February 15, 2021.
+Added: The Company denies any and all liability and intends to vigorously defend the litigation.
Harris-Carr v.
6 unchanged sentences
On May 13, 2019, the plaintiff in the Tchatchou litigation filed an amended complaint, which becomes the operative complaint for the consolidated matter and supersedes the Harris-Carr complaint.
−Removed: | September 30, 2020 Form 10-Q
+Added: | December 31, 2020 Form 10-Q
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.