LOS ANGELES, Sept. 9, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased the securities of Ener1, Inc. ("Ener1" or the "Company") (Nasdaq:HEV) between January 10, 2011 and August 15, 2011, inclusive (the "Class Period"), have until October 17, 2011 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Southern District of New York.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges Ener1 and certain of its executive officers and/or directors with violations of federal securities laws. Ener1 designs, develops and manufactures high-performance batteries and battery pack systems. In 2009 and 2010, Ener1 made separate investments in electric- vehicle manufacturer Think Global, AS and its majority owner Think Holdings, AS. The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that, among other things: (1) Think Global lacked adequate operating capital, and the ability to raise capital, to continue operations; (2) as a result, Ener1 failed to timely impair the value of its Think Holdings investments; (3) as a result, the outstanding loans receivable and accounts receivable due from Think Holdings and Think Global were uncollectible; (4) as such, the Company's financial statements were misstated and its financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); and (5), as a result, the Company's financial statements were materially false and misleading at all relevant times.
On June 22, 2011, the Company disclosed that a material charge was required under GAAP applicable to Ener1 related to the loans receivable of Think Holdings and accounts receivable of Think Global held by Ener1, based on the announcement by Think Global that, following an extended and ultimately unsuccessful search for long-term financing, it would be filing for bankruptcy proceedings in the Norwegian courts on June 22, 2011. Ener1 estimated the amount of the charge would be $35.4 million, subject to change to the extent that the Company received any recovery as a result of the liquidation of Think Global, but any recovery, to the extent it occurred, would not likely be significant.
Subsequently, on August 15, 2011, Ener1 disclosed that the Company's financial statements for the year ended December 31, 2010 and for the quarterly period ended March 31, 2011 should no longer be relied upon and should be restated. The determination was made following an assessment of certain accounting matters related to the loans receivable owed to Ener1 by Think Holdings and accounts receivable owed to Ener1 by Think Global held by the Company, and the timing of the recognition of the impairment charge related to the Company's investment in Think Holdings originally recorded during the quarter ended March 31, 2011.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing Ener1 shareholders in this litigation.
If you are a member of the class described above, you may move the Court, no later than October 17, 2011, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.