A123 Systems, Inc. : Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against A123 Systems, Inc.
04/27/2012| 09:50pm US/Eastern
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@example.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
© Business Wire 2012