NEW YORK, April 24, 2013 (GLOBE NEWSWIRE) -- WeissLaw LLP, a national class action, shareholder rights law firm with offices in New York and Los Angeles, announces that a class action lawsuit has been filed against Exide Technologies (Nasdaq:XIDE) and others on behalf of all purchasers of the securities of Exide common stock between February 9, 2012 and April 3, 2013, inclusive (the "Class Period") for violations of the federal securities laws.
The complaint states that Exide (1) knowingly operated a battery recycling facility in Vernon, California that exposed residents to fatal levels of arsenic and other dangerous pollutants; (2) was aware that it would not be able to satisfy its debt obligations of approximately $1.4 billion; and (3) as a result knew its environmental liabilities, debt obligations, and potential insolvency did not support statements released to investors and its quarterly guidance.
On March 22, 2013, the Company's recycling facility in Vernon was cited by the South Coast Air Quality Management District as posing a greater cancer risk to residents of Southern California than any of the facilities the agency has regulated in the last 25 years. On April 3, 2013, Los Angeles City Council members asked the government to press charges against Exide to correct the health risk posed by its environmental contamination, and on April 4, 2013 Debtwire.com published a report that Exide had hired financial advisory firm Lazard and the law firm of Akin Gump LLP to advise on the Company's financial restructuring after prior restructuring efforts stalled. On this news, the price of Exide's shares fell from $2.64 a share to $1.37 a share, a 46% drop on April 4, 2013, before trading in the stock was halted. The stock currently trades at about $1.50 per share.
If you currently hold or purchased Exide stock during the Class Period and would like more information about your rights or would like to learn more about these claims, please contact Joshua M. Rubin, Esq. at (212) 682-3025 or by email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please contact us at (212) 682-3025 or by email at stockinfo@weisslawllp.com.
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