Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  B456 Systems Inc    

B456 SYSTEMS INC

  Report  
SummaryNewsCalendarCompanyFinancials 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

A123 Systems, Inc. : Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against A123 Systems, Inc.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/12/2012 | 07:55pm EDT

Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased the common stock of A123 Systems, Inc. ("A123" or the "Company") (NASDAQ:AONE) between February 28, 2011 and March 23, 2012, inclusive (the "Class Period").

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

A123, together with its subsidiaries, designs, develops, manufactures and sells rechargeable lithium-ion batteries and energy storage systems worldwide. The Complaint alleges that the defendants issued materially false and misleading statements concerning the Company's operations and financial prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company had severe manufacturing deficiencies at its Livonia, Michigan, manufacturing facility, which produced defective prismatic cells that resulted in premature failure of battery modules and packs; (2) as a result of the defective prismatic cells, A123 would likely be required - and incur substantial costs - to recall and replace the affected modules and packs, threatening the financial viability of the Company; and (3), as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

On March 26, 2012, the Company disclosed that it will incur costs of approximately $55 million over the next several quarters to replace potentially defective battery packs and modules resulting from a manufacturing defect at the Company's Livonia facility. As a result of this news, A123 shares declined $0.21 per share, or more than 12%, to close at $1.49 per share on March 26, 2012

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the class described above, you may move the Court, no later than June 1, 2012, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com


© Business Wire 2012
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on B456 SYSTEMS INC
2013B456 SYSTEMS INC : Glancy Binkow & Goldberg Announces Lead Plaintiff Deadline In..
BU
2013B456 SYSTEMS INC : Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit o..
BU
2013B456 SYSTEMS INC : A123 Systems Shareholder Alert by Former Louisiana Attorney G..
BU
2013B456 SYSTEMS INC : Robbins Geller Rudman & Dowd LLP Files Class Action Suit agai..
BU
2013B456 SYSTEMS INC : Investor Alert: Holzer Holzer & Fistel, LLC Announces Investi..
BU
2013Fisker loses key board member as bidders circle company
RE
2013HENRIK FISKER JOINS HONG KONG TYCOON : sources
RE
2013FISKER FIELDS $20 MILLION OFFER FROM : sources
RE
2013EXCLUSIVE : Bob Lutz, Chinese in bid to buy Fisker Automotive - sources
RE
2013Electric car maker Coda files for bankruptcy
RE
More news
Chart B456 SYSTEMS INC
Duration : Period :
B456 Systems Inc Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Sector and Competitors
1st jan.Capitalization (M$)
B456 SYSTEMS INC0
CONTEMPORARY AMPEREX TECHNOLOGY CO LTD--.--%22 069
ENERGIZER HOLDINGS INC-16.88%2 927
SUNWODA ELECTRONIC CO LTD--.--%2 548
ENERSYS-14.17%2 472
VARTA AG115.43%1 902