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.The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SHAREHOLDER ALERT: Pomerantz Law Firm Has Filed A Class Action Against Ecotality, Inc. And Certain Officers - ECTY
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts