Investor Alert: Holzer Holzer & Fistel, LLC Filed a Class Action Against ECOtality, Inc.; Investors With Significant Losses Encouraged to Inquire About Lead Plaintiff Position
(firmenpresse) - ATLANTA, GA -- (Marketwired) -- 09/09/13 -- Holzer Holzer & Fistel, LLC announces that it has filed a class action lawsuit on behalf of investors who purchased ECOtality, Inc. ("ECOtality" or the "Company") (NASDAQ: ECTY) common stock between April 16, 2013 and August 9, 2013. The complaint alleges that a series of statements made during that time regarding ECOtality's business, operations and prospects were false and misleading. Specifically, the complaint alleges that ECOtality misrepresented and failed to adequately disclose that: (a) due to design and manufacturing defects, some of ECOtality's charging systems had been causing overheating and even the melting of connector plugs when charging vehicles; (b) despite efforts undertaken to transition the Company's business model from subsidizing installations of EVSEs under the Department of Energy's ("DOE") EV Project to regular commercial sales and installations, ECOtality was not achieving enough commercial sales and installations to sustain operations in the second half of 2013; (c) due to "unacceptable performance shortfalls during prototype verification testing," ECOtality was not on track to meet the scheduled release of a new Minit Charger product for industrial customers in the second half of 2013; (d) due to would-be potential investors' unwillingness to provide additionally needed financing, ECOtality was unable to obtain the requisite financing to meet its short-term and long-term capital needs and would be unable to meet its obligations to the DOE's EV Project and the DOE would suspend all payments to the Company; and (e) due to non-compliance with the nation's labor laws, the Company was liable to the U.S. Department of Labor for $855,000 for the payment of back wages and damages.
If you purchased ECOtality common stock between April 16, 2013 and August 9, 2013 you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than October 14, 2013. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you are an ECOtality investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Michael I. Fistel, Jr., Esq., or Marshall P. Dees, Esq. via email at , or , or via toll-free telephone at (888) 508-6832.
Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.
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Datum: 09.09.2013 - 08:38 Uhr
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