Kahn Swick & Foti, LLC (“KSF”) and its partner former Louisiana Attorney General Charles C. Foti, Jr. announce the commencement of an investigation into Advanced Battery Technologies, Inc. ("Advanced Battery" or the "Company") (Nasdaq: ABAT), following the Company’s stunning + 40% one-day share price decline. Shares of Advanced Battery plummeted after Variant View Research (“Variant View”) published a report alleging that the Company may have issued materially false statements to investors. On March 30, 2011, Varient View published a report claiming, among other things that: * The Chairman appears to have transferred ownership of ABAT’s key subsidiary to himself without explanation or compensation; * ABAT leads investors to think that it makes cutting-edge electric cars, when in fact it produces cheap scooters and bicycles; * ABAT claims unrealistic margins in what it admits is a commodity space; * ABAT claims distribution relationships which appear to be fake; If you have information that would assist KSF in its investigation, or would like to discuss your legal rights as a shareholder, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn ( email@example.com), toll free 1-877-515-1850, after hours via cell phone 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. ( firstname.lastname@example.org), toll free at 877-694-9510, or after hours via cell phone 330-860-4092. About Kahn Swick & Foti, LLC KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 million settlement; In re BigBand Networks, Inc Securities Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, $11 million settlement ; In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.), Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against BP and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines. To learn more about KSF, you may visit www.ksfcounsel.com.
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.