NEW YORK, April 5, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Exide Technologies ("Exide" or the "Company") (NasdaqGS: Xide). The investigation focuses on whether the Company and its executives violated federal securities laws.
Exide operates a recycled lead acid battery smelting facility in Vernon, California. On March 22, 2013, the South Coast Air Quality Management District publicized a health risk assessment from Exide showing that the Vernon facility exposed workers and residents living in an area that extends from Boyle Heights to Maywood and Huntington Park to potentially cancerous levels of arsenic. Then on April 3, 2013, after close of business, an L.A. City Council committee instructed the Los Angeles City Attorney's office to explore legal action against Exide. The City Attorney was instructed to take action seeking to ensure that Exide addressed the City Council's concerns "immediately". On April 4, 2013, Debtwire reported that Exide had engaged Lazard and Akin Gump Strauss Hauer & Feld LLP to advise on a restructuring.
The investigation concerns allegations that Exide issued misleading statements or failed to disclose material adverse facts concerning the Company's operations. On April 4, 2013 shares of Exide's stock fell 47% below the previous day's closing price, before trading was halted.
If you are aware of any facts relating to this investigation, or purchased shares of Exide, you can assist this investigation by contacting Peretz Bronstein of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
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