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ECOtality Inc : Law Offices of Howard G. Smith Announces Class Action Lawsuit Against ECOtality, Inc.

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08/30/2013 | 11:32pm EDT

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") comprising all purchasers of the securities of ECOtality, Inc. ("ECOtality" or the "Company") (NASDAQ:ECTY) between April 16, 2013 and August 9, 2013, inclusive (the "Class Period").

ECOtality manufactures and sells charging systems for electric vehicles (EV), including the Minit-Charger line of fast-charge systems for off-road industrial applications. In 2009, the Company received a $100 million grant from the United States Department of Energy (DOE) to manage the "EV Project" - a charging infrastructure research and EV-deployment initiative. The Complaint alleges that during the Class Period defendants issued false and misleading statements or failed to disclose that: (1) the Company was facing an impending shutdown of funds from the DOE; (2) the Company was inappropriately recognizing revenue and drawing down expenses on its contract with DOE; (3) the Company's products contained significant design and manufacturing defects; (4) the Company lacked adequate internal controls over financial reporting; and, (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased ECOtality securities during the Class Period, you have certain rights, and have until October 14, 2013 to move for lead plaintiff status. To be a member of the Class you need not take any action at this time or you may retain counsel of your choice. If you purchased ECOtality stock prior to the Class Period or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847

© Business Wire 2013
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