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Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased ECOtality, Inc. (“ECOtality” or the “Company”) (NASDAQ:ECTY) stock between April 16, 2013 and August 9, 2013.
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In 2009, ECOtality received a $100 million grant from the United States Department of Energy (DOE) to manage the “EV Project,” a charging infrastructure research and Electric Vehicle deployment initiative. The complaint alleges that during the Class Period defendants issued false and misleading statements and/or failed to disclose that: (1) the Company was facing an impending shutdown of funds from the DOE; (2) the Company was inappropriately recognizing revenue and drawing down expenses on its contract with the DOE; (3) the Company's products contained significant defects; (4) the Company lacked adequate internal controls over financial reporting; and (5) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
Shares of ECOtality have fallen from a close of $1.46 per share on August 9, 2013, to a most recent close of $0.17 per share on August 20, 2013.
If you suffered a loss in ECOtality you have until October 15, 2013 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
email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, 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. Attorney advertising. Prior results do not guarantee similar outcomes.