Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Advanced Battery Technologies (“Advanced Battery” or the “Company”) (Nasdaq: ABAT) who purchased between March 16, 2009 and March 29, 2011 (the “Class Period”).
The complaint alleges that during the Class Period, defendants violated federal securities laws by issuing materially false and misleading statements in public filings with the Securities and Exchange Commission and in its press releases. In particular, Advanced Battery: (a) misrepresented certain of its distribution arrangements; (b) paid $1.5 million to acquire a company whose location and existence could not be verified; (c) paid $20 million to purchase a company but failed to disclose that it was a related party transaction that resulted in the Chairman and Chief Executive Officer, and not Advanced Battery, owning a particular subsidiary.
On March 30, 2011, equity research firm Variant View Research published a report informing investors of certain of these alleged securities law violations. Upon the release of this report, shares of Advanced Battery fell over 40 percent.
If you are a member of the class and suffered a loss in Advanced Battery stock, you have until May 31, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/advanced-battery-technologies-abat.html.Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.