An investigation on behalf of current long term investors in Exide Technologies (NASDAQ:XIDE) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:XIDE stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 04/30/2013 -- An investigation on behalf of investors, who currently hold shares of Exide Technologies (NASDAQ:XIDE), was announced concerning whether certain officers and directors of Exide Technologies breached their fiduciary duties in connection with certain statements made between February 9, 2012 and April 3, 2013.
Investors who are current long term stockholders in Exide Technologies (NASDAQ:XIDE) shares, 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 for current long term investors in Exide Technologies (NASDAQ:XIDE) stocks follows a lawsuit filed earlier against Exide Technologies over alleged securities laws violations.
The investigation on behalf of current long term investors in Exide Technologies (NASDAQ:XIDE) stocks concerns whether certain Exide Technologies officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges that Exide Technologies 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 (NASDAQ:XIDE) dropped from $2.53 to as low as $0.815 per share on April 29, 2013.
Those who are current long term investors in Exide Technologies (NASDAQ:XIDE) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego