San Diego, CA -- (SBWire) -- 04/08/2013 --A recent substantial stock price drop prompted an investigation on behalf of investors of Exide Technologies (NASDAQ:XIDE) shares over potential securities laws violations by Exide Technologies and certain of its directors and officers in connection certain financial statements.
Investors who purchased shares of Exide Technologies (NASDAQ:XIDE), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Exide Technologies (NASDAQ:XIDE) concerning whether a series of statements by Exide Technologies regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Exide operates a recycled lead acid battery smelting facility in Vernon, California. Exide Technologies reported that its Total Revenue rose from over $2.68 billion for the 12 months period that ended on March 31, 2010 to over $3.08 billion for the 12 months period that ended on March 31, 2012 and that its Net Loss of $11.81 million for the 12 months period that ended on March 31, 2010 turned into a Net Income of $56.74 million for the 12 months period that ended on March 31, 2012.
On March 22, 2013, the South Coast Air Quality Management District publicized a health risk assessment showing that Exide Technologies had exposed workers and residents living downwind of the Vernon facility to potentially cancerous levels of arsenic. On April 3, 2013, after close of business, an L.A. City Council committee instructed the Los Angeles City Attorney's office to explore legal action against Exide Technologies. The City Attorney was instructed to take action seeking to ensure that Exide Technologies addressed the City Council's concerns "immediately"
On April 4, 2013, Exide Technologies announced that the financial advisory firm of Lazard has been retained to advise the company on financing alternatives to maximize the value of the company for all stakeholders.
Shares of Exide Technologies (NASDAQ:XIDE) dropped from $2.53 to as low as $1.21 on April 4, 2013.
On April 5, 2013, NASDAQ:XIDE shares closed at $1.57 per share.
Those who purchased shares of Exide Technologies (NASDAQ:XIDE), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Exide Technologies Investigation Alert: Investor in NASDAQ:XIDE Shares Should Contact the Shareholders Foundation
An investigation for investors in Exide Technologies (NASDAQ:XIDE) shares over potential securities laws violations by Exide Technologies was announced and NASDAQ:XIDE stockholders should contact the Shareholders Foundation at mail at shareholdersfoundation.com