The Rosen Law Firm, P.A. announces that it is investigating potential securities claims against Advanced Battery Technologies, Inc. (NASDAQ: ABAT) (“ABAT” or the “Company”) resulting from allegations that the Company may have issued materially false statements to investors about its business and financial condition, including the failure to disclose material related party transactions. On March 30, 2011 an equity research firm called Variant View Research (“Variant View”) published an article alerting investors to a number of potential red flags of fraud at Advanced Battery. Varient View claims, among other things, (i) certain of the Company’s distribution arrangements appear to be “fake” as they could not be verified by Variant View; (ii) Advanced Battery failed to disclose material facts about certain of the Company’s multi-million dollar acquisitions in the last three years, including the alleged related party nature and financial condition of the acquired companies; and (iii) the Company misrepresented its and/or its Chairman’s ownership of a Company subsidiary. As a result of this adverse information entering the market, the value of Company s stock fell sharply, damaging Advanced Battery investors. The Rosen Law Firm is preparing a securities class action lawsuit on behalf of Advanced Battery investors. If you purchased or acquired Advanced Battery stock between March 16, 2009 and March 29, 2011 and would like to recover your losses, please visit the website at http://rosenlegal.com for more information. You may also contact Laurence Rosen, Esq., or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Attorney Advertising. Prior results do not guarantee a similar outcome.
Shares of Advanced Battery Technologies (Nasdaq:ABAT) have taken a tremendous swing upward. The stock is trading at $1.55 as of three p.m. ET, 20.2% above Friday's closing price of $1.29. Volume is at 3.1 million, 1.2 times the daily average of 2.6 million.