Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased the securities of A123 Systems, Inc. between February 28, 2011 and March 23, 2012, inclusive, seeking to pursue remedies under the Securities Exchange Act of 1934. A123, together with its subsidiaries, designs, develops, manufactures and sells rechargeable lithium-ion batteries and energy storage systems worldwide.
The Complaint alleges that during the Class Period the defendants issued materially false and misleading statements concerning the Company’s operations and financial prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company had severe manufacturing deficiencies at its Livonia, Michigan manufacturing facility, which produced defective prismatic cells that resulted in premature failure of battery modules and packs; (2) as a result of the defective prismatic cells, A123 would likely be required – and incur substantial costs – to recall and replace the affected modules and packs, threatening the financial viability of the Company; and (3), as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased A123 securities between February 28, 2011 and March 23, 2012, you have certain rights, and have until June 1, 2012 to move for lead plaintiff status. 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 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.
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