LOS ANGELES, Sept. 21, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP, representing investors of ECOtality, Inc. ("ECOtality" or the "Company") (Nasdaq:ECTY), announces that all purchasers of ECOtality securities between April 16, 2013 and August 9, 2013, inclusive (the "Class Period'), have until October 14, 2013 to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the Northern District of California.
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US AT (212) 682-5340, TOLL-FREE AT (888) 773-9224, OR AT SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER OR IF YOU PURCHASED ECOTALITY SECURITIES PRIOR TO THE CLASS PERIOD. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
ECOtality manufactures and sells charging systems for electric vehicles (EV), including the Minit-Charger line of fast-charge systems for off-road industrial applications. In 2009, the Company received a $100 million grant from the United States Department of Energy (DOE) to manage the "EV Project" – a charging infrastructure research and EV-deployment initiative. The Complaint alleges that during the Class Period defendants issued false and misleading statements or failed to disclose that: (1) the Company was facing an impending shutdown of funds from the DOE; (2) the Company was inappropriately recognizing revenue and drawing down expenses on its contract with the DOE; (3) the Company's products contained significant design and manufacturing defects; (4) the Company lacked adequate internal controls over financial reporting; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
If you are a member of the Class described above, you may move the Court no later than October 14, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.
To learn more about this action or if you purchased ECOtality securities prior to the Class Period and 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, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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