Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Exide Technologies

The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of a class (the “Class”) comprising all purchasers of the securities of Exide Technologies (“Exide” or the “Company”) (NASDAQ:XIDE) between February 9, 2012 and April 3, 2013, inclusive (the “Class Period”). Exide operates in 80 countries producing, recycling and distributing lead-acid batteries. The Company operates eight battery recycling facilities worldwide, and its global transportation and industrial energy groups provide a range of stored electrical energy products and services for industrial and transportation applications.

The Complaint alleges that during the Class Period defendants knew but misrepresented or failed to disclose to the investing public that: (a) Exide was polluting the environment with potentially fatal levels of arsenic, and exposing almost 110,000 residents near its Vernon, California, battery recycling facility to dangerously high levels of pollutants; (b) Exide knew, based on actual and projected revenues and expenses, that the Company would not be able to meet its debt repayment obligations and other pledges and promises under a $200 million revolving facility, a $675 million bond, and a $55.7 million floating rate convertible note due in September 2013; and (c) as a result, Exide knew its environmental liabilities, debt obligations and potential insolvency supported neither Exide’s statements to investors that the Company was solvent, its quarterly guidance, nor the inflated share price targets the investment community was modeling based on defendants’ Class Period statements and guidance.

On March 22, 2013, the Company’s recycling facility in Vernon was cited by the South Coast Air Quality Management District (AQMD) as posing a greater cancer risk to residents of Southern California than any of the more than 450 facilities the agency has regulated in the last 25 years.

Then, on April 3, 2013, Los Angeles City Council members held a public hearing asking the government to press charges against the Company to correct the health risk posed by the Company’s environmental contamination, and on April 4, 2013 Debtwire.com published a report that Exide had hired financial advisory firm Lazard and the law firm of Akin Gump LLP to advise on the Company’s financial restructuring after prior restructuring efforts stalled. On this news, Exide’s shares fell $1.24 a share to $1.37 a share, a 46% drop on April 4, 2013, before trading in the stock was halted.

If you are a member of the above-described Class, you may move the Court no later than June 14, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. 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 have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.

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

Exide Technologies (MM) (NASDAQ:XIDE)
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