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Bernstein Liebhard LLP is investigating whether Advanced Battery Technologies, Inc. (“ABAT” or the “Company”) (NASDAQ: ABAT) issued materially false statements to the investing public.
On March 30, 2011, an equity research firm called Variant View Research (“Variant”) published an article informing investors of a number of potential red flags of fraud at ABAT. Variant claims, among other things, that: (i) certain of ABAT’s distribution arrangements appear to be “fake” as they could not be verified by Variant; (ii) ABAT failed to disclose material facts about certain multi-million dollar acquisitions in the last three years, including the alleged related party nature, and financial condition, of the acquired companies; and (iii) the Company misrepresented its and/or its Chairman’s ownership of a Company subsidiary. As a result of this adverse information entering the market, the value of Company s stock fell sharply, damaging ABAT investors.