Robbins Umeda LLP Announces the Filing of a Class Action Lawsuit Against Advanced Battery Technologies, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, announces that a class action lawsuit has been filed on behalf of all persons or entities who purchased common stock of Advanced Battery Technologies, Inc. (NASDAQ: ABAT) between March 16, 2009 and March 29, 2011 (the “Class Period”).
Advanced Battery designs, manufactures, and markets rechargeable polymer lithium-ion batteries in the United States, Europe, and Asia. Advanced Battery was founded in 1984, and is headquartered in New York, New York.
The lawsuit alleges that during the Class Period, Advanced Battery made a number of misrepresentations in its public filings with the U.S. Securities and Exchange Commission and in its press releases. Namely, that it: (1) misrepresented certain of its distribution arrangements; (2) paid $1.5 million to acquire another company whose location and existence could not be verified; (3) paid $20 million to purchase a company, but failed to disclose the related party nature of the transaction; and (4) misrepresented that it owned a company subsidiary when it did not, or failed to disclose that it entered into a related party transaction with its Chairman and Chief Executive Officer, which resulted in the owner of that subsidiary being the Chairman and Chief Executive Officer, and not Advanced Battery.
On March 30, 2011, Variant View Research, an analyst firm, issued a detailed report revealing the adverse information to the market. As a result, the price of Advanced Battery’s stock fell over 40%, damaging investors.
If you purchased Advanced Battery stock during the Class Period, you have until May 31, 2011, to move for lead plaintiff. If you own stock in Advance Battery and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.