Glancy Binkow & Goldberg LLP Announces Investigation of Exide Technologies
LOS ANGELES -- April 4, 2013
Glancy Binkow & Goldberg LLP announces that it is investigating potential
claims on behalf of purchasers of the securities of Exide Technologies
(“Exide” or the “Company”) (NASDAQ:XIDE) concerning possible violations of
federal securities laws.
Exide engages in the manufacture and supply of lead-acid batteries for
transportation and industrial applications in the Americas, Europe and
internationally. The Company operates a recycled lead acid battery smelting
facility in Vernon, California. The investigation concerns allegations that
Exide issued misleading statements or failed to disclose material adverse
facts concerning the Company’s operations.
On March 22, 2013 the South Coast Air Quality Management District (AQMD)
announced it had reviewed and approved a health risk assessment from Exide
showing that the Vernon facility is causing a potential health impact to
residents in a large geographical area that includes portions of Vernon,
Maywood, Huntington Park, Commerce, Boyle Heights and unincorporated areas of
east Los Angeles. Under a California law commonly known as the Toxic Hot Spots
program, facilities that emit toxic air pollutants must develop health risk
assessments using scientific tools to estimate the risk of cancer as well as
non-cancer health effects to residents. If the risk is higher than 25 in 1
million, the facility must develop and implement a plan to reduce it below
that threshold within three years. The AQMD stated that Exide’s health risk
assessment shows a maximum cancer risk of 156 in 1 million, mostly due to
arsenic emissions, to workers at a facility in Vernon next to Exide.
On April 3, 2013 the Los Angeles Times reported that members of the Los
Angeles City Council “want Los Angeles city staff to produce a report within
30 days about what, if any, steps the city might take against the Company,”
and called upon the city attorney to look into possible legal action. On April
4, 2013, shares of Exide stock dropped more than 47% below the previous day’s
closing price, before trading was halted.
If you purchased Exide shares before April 4, 2013, if you have information or
would like to learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement 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, by telephone at (310) 201-9150, Toll Free at
(888) 773-9224, by e-mail to email@example.com, or visit our website
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CA
(310) 201-9150 or (888) 773-9224
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