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A123 Systems, Inc. : Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against A123 Systems, Inc.

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04/28/2012 | 03:50am CET

Glancy Binkow & Goldberg LLP, representing investors of A123 Systems, Inc. ("A123" or the "Company") (NASDAQ:AONE), announces that all purchasers of the Company's securities between February 28, 2011 and March 23, 2012, inclusive (the "Class Period"), have until June 1, 2012 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the District of Massachusetts. 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.

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. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. 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, Toll Free at (888) 773-9224, by e-mail to [email protected], 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
[email protected]

© Business Wire 2012
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