WeissLaw LLP Announces a Class Action Lawsuit Has Been Filed Against Exide Technologies -- XIDE
24 Avril 2013 - 2:00PM
WeissLaw LLP, a national class action, shareholder rights law firm
with offices in New York and Los Angeles, announces that a class
action lawsuit has been filed against Exide Technologies
(Nasdaq:XIDE) and others on behalf of all purchasers of the
securities of Exide common stock between February 9, 2012 and April
3, 2013, inclusive (the "Class Period") for violations of the
federal securities laws.
The complaint states that Exide (1) knowingly operated a battery
recycling facility in Vernon, California that exposed residents to
fatal levels of arsenic and other dangerous pollutants; (2) was
aware that it would not be able to satisfy its debt obligations of
approximately $1.4 billion; and (3) as a result knew its
environmental liabilities, debt obligations, and potential
insolvency did not support statements released to investors and its
quarterly guidance.
On March 22, 2013, the Company's recycling facility in Vernon
was cited by the South Coast Air Quality Management District as
posing a greater cancer risk to residents of Southern California
than any of the facilities the agency has regulated in the last 25
years. On April 3, 2013, Los Angeles City Council members asked the
government to press charges against Exide to correct the health
risk posed by its 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, the price of Exide's shares
fell from $2.64 a share to $1.37 a share, a 46% drop on April 4,
2013, before trading in the stock was halted. The stock
currently trades at about $1.50 per share.
If you currently hold or purchased Exide stock during the Class
Period and would like more information about your rights or would
like to learn more about these claims, please contact Joshua M.
Rubin, Esq. at (212) 682-3025 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
clients and obtained important corporate governance relief in many
of these cases. If you have information or would like legal
advice concerning possible corporate wrongdoing (including insider
trading, waste of corporate assets, accounting fraud, or materially
misleading information), consumer fraud (including false
advertising, defective products, or other deceptive business
practices), or anti-trust violations, please contact us at (212)
682-3025 or by email at stockinfo@weisslawllp.com.
Attorney Advertising. Past results do not guarantee a
similar outcome.
CONTACT: WeissLaw LLP
Joshua M. Rubin
1500 Broadway, 16th Floor
New York, NY 10036
T: 212.682.3025
F: 212.682.3010
www.weisslawllp.com
stockinfo@weisslawllp.com
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