Law Offices of Todd M. Garber Announces Investigation of Exide Technologies
LOS ANGELES -- April 12, 2013
The Law Offices of Todd M. Garber announces that it is investigating potential
claims against Exide Technologies (“Exide” or the “Company”) (NASDAQ:XIDE)
concerning possible violations of federal securities laws. The investigation
concerns allegations that Exide issued misleading statements or failed to
disclose material adverse facts concerning the Company’s operations.
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 Todd M. Garber,
Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or
by email to firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
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