A123 Systems Alert: The Briscoe Law Firm And Powers Taylor, LLP Announce Investigation Into Possible Breaches Of Fiduciary Duty By The Officers And Directors Of A123 Systems, Inc.
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of A123 Systems, Inc. (“A123” or “AONE”) (NASDAQ: AONE) related to potential securities violations between February 28, 2011 and March 23, 2012 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
In a recently filed federal class action complaint, A123 and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the Class Period the defendants made false and misleading statements and failed to disclose to investors that A123 had severe manufacturing deficiencies at its Livonia, Michigan manufacturing facility, resulting in defective battery packs. Notably, on March 26, 2012, A123 first disclosed that it would have to recall the defective battery packs at an estimated cost of approximately $55 million, an amount equal to nearly a quarter of the company's expected annual revenue. As a result of the news, A123’s stock price dropped substantially from $1.70 per share to just $1.02 per share.
According to shareholder rights attorney Willie Briscoe, “The recent revelations about A123’s alleged misrepresentations regarding its business and financial status has led our firms to investigate possible breaches of fiduciary duties and other violations of state law by A123’s officers and directors. Based on our investigation, we are prepared to institute litigation to preserve the company and the value of A123 stock for all shareholders.”
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