Shareholders Foundation, Inc.

Valence Technology, Inc. (PINK:VLNCQ) Investor Alert: Lawsuit Against Certain Former Officers Filed

A lawsuit was filed for certain investors in shares of Valence Technology, Inc. (PINK:VLNCQ) shares over potential securities laws violations by certain former officers of Valence Technology, Inc. Deadline: November 12, 2012. PINK:VLNCQ stockholders should contact the Shareholders Foundation.

 
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San Diego, CA -- (SBWIRE) -- 09/12/2012 -- An investor in shares of Valence Technology, Inc. (PINK:VLNCQ) filed a lawsuit in the U.S. District Court Southern District of New York over alleged securities laws violations by certain former officers of Valence Technology, Inc.

Investors who purchased a substantial amount of shares of Valence Technology, Inc. (PINK:VLNCQ) between August 3, 2011 and July 12, 2012, have certain options and there are strict and short deadlines running. Deadline: November 12, 2012. PINK:VLNCQ stockholders who purchased a substantial amount of VLNCQ shares should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Valence Technology, Inc. (PINK:VLNCQ) shares between August 3, 2011 and July 12, 2012, that defendants issued material false and misleading statements regarding Valence Technology’s business and financial results.

Specifically, the plaintiff alleges that defendants knew or recklessly disregarded the fact that Valence Technology, Inc. was headed for bankruptcy, downplayed the severity of its capital position, and allegedly misled investors about Valence Technology’s business health and future prospects by evading inquiries concerning its liquidity and assuring the market of its available alternatives for raising capital.

Valence Technology’s Total Revenue fell from $45.88million for the 52weeks period that ended on March 31, 2011 to $44.38milion for the 52weeks period that ended on March 31, 2012 and its Net Loss increased over the respective time periods from $12.69million to $12.73million.

On February 23, 2012, Valence President and Chief Executive Officer, reportedly stated during Valence Technology’s appearance at Jefferies Global Clean Technology Conference that "[m]oving forward our cash needs will not be significant."

Then on July 12, 2012, Valence Technology declared bankruptcy.

Valence's shares lost substantially value. After closing at $0.65 per share on July 13, 2012, shares of Valence Technology common stock closed on July 16, 2012 at just $0.05 per share.

Shares of Valence Technology, Inc. trade currently under PINK:VLNCQ and closed on September 11, 2012, at $0.02 per share.

Those who purchased a substantial amount of shares of Valence Technology, Inc. (PINK:VLNCQ) between August 3, 2011 and July 12, 2012, have certain options and there are strict and short deadlines running. Deadline: November 12, 2012. PINK:VLNCQ stockholders who purchased a substantial amount of VLNCQ shares should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com