Faruqi & Faruqi, LLP Announces Investigation Of Ener1, Inc.
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Ener1, Inc. (“Ener1” or the “Company”) (NASDAQ: HEV). Faruqi & Faruqi, LLP seeks to determine whether Ener1 violated federal securities laws in connection with statements made to the Company’s shareholders.
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The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose that: (1) Think Global, AS (“Think Global”), an electric vehicle manufacturer, owned by Think Holdings, AS (“Think Holdings”), which Ener1 controlled 47% of the voting power, lacked the capital to continue operating; (2) the Company failed to timely impair the value of its Think Holdings investments; (3) the outstanding Loan receivable and accounts receivable due from Think Holdings and Think Global were uncollectable; and (4) the Company’s financial statements were misstated and were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”).
On August 15, 2011, Ener1 disclosed that the Company's financial statements for the year ended December 31, 2010 and for the quarterly period ended March 31, 2011 should no longer be relied upon and should be restated.Take Action If you purchased Ener1 securities between January 10, 2010 and August 15, 2011, and you would like to discuss your legal rights, visit www.faruqilaw.com/HEV. You can also contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Ener1’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others. About Faruqi & Faruqi, LLP Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.
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