NEW YORK, May 21, 2012 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of investors who purchased A123 Systems, Inc. ("A123" or the "Company") (Nasdaq: AONE) securities between February 28, 2011 and March 23, 2012.
For more information, click here: http://zlk.9nl.com/AONE.
The Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements, or failed to disclose material information regarding manufacturing flaws in its Livonia, Michigan facility. In a March 26, 2012 press release, the Company announced that it would be replacing defective battery modules and packs. According to the press release, the company anticipated spending approximately $55 million over the following quarters. Upon this news, shares of A123 stock fell approximately 12 percent. Then, on March 28, 2012, an analyst at Deutsche Bank wrote that the Company may have difficulty raising capital and could lose contracts as a result of the recall. On this news, the price of the company's stock declined $0.18 per share, or 13 percent, to close at $1.22 per share.If you suffered a loss in A123 you have until June 1, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/AONE. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT:Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky