On August 12, 2013, the Company disclosed that the DOE had suspended all payments to the Company, had ordered the Company to cease incurring new costs under its prior arrangement with DOE, and had ordered it to notify all of Ecotality's vendors of the DOE's action. The Company also disclosed that it was unable to correct design and manufacturing defects in its charging systems, likely requiring a recall of all connector plugs on the 12,000 charging stations it had installed to date; and that as a result, it had hired a restructuring adviser to evaluate options including filing a bankruptcy "in the very near future." On this news, Ecotality securities declined $1.16 per share or over 79%, to close at $0.35 per share on August 12, 2013.
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