A Deadline is coming up on June 14, 2013 in the lawsuit for investors in Exide Technologies (NASDAQ:XIDE) and NASDAQ:XIDE stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 06/04/2013 -- A deadline is coming up on June 14, 2013 in the lawsuit filed for investors of Exide Technologies (NASDAQ:XIDE) over alleged securities laws violations by Exide Technologies in in connection with certain allegedly false and misleading statements made between February 9, 2012 and April 3, 2013.
Investors with a substantial investment in Exide Technologies (NASDAQ:XIDE) shares between February 9, 2012 and April 3, 2013 should get active before the Deadline that is coming up on June 14, 2013, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges on behalf of purchasers of Exide Technologies (NASDAQ:XIDE) between February 9, 2012 and April 3, 2013,, that Exide Technologies and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly false and/or misleading statements, as well as failing to disclose material adverse facts about Exide Technologies’ business, operations, and prospects.
More specifically, the plaintiff alleges that defendants allegedly failed to disclose that Exide Technologies was polluting the environment with potentially fatal levels of arsenic, and exposing almost 110,000 residents near its Vernon, California battery recycling facility to dangerously high levels of pollutants and that Exide Technologies allegedly knew that based on actual and projected revenues and expenses it would not be able to meet its debt repayment obligations and other pledges and promises under its debt agreements and indentures.
The plaintiff claims that Exide Technologies allegedly knew that it could not satisfy its obligations under a $200 million revolving facility, a $675 million bond, and a $55.7 million floating rate convertible note due in September 2013; and that as a result, Exide Technologies allegedly knew its environmental liabilities, debt obligations and potential insolvency supported neither its statements to investors regarding its financials, its quarterly guidance, nor the inflated share price targets the investment community was modeling based on Defendants' statements and guidance between February 9, 2012 and April 3, 2013.
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 declined from $3.74 in January 2013 to as low as $0.45 per share in May 2013.
On June 3, 2013, NASDAQ:XIDE shares closed at $0.46 per share.
Those who purchased shares of Exide Technologies (NASDAQ:XIDE) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego