Glancy Binkow & Goldberg LLP Announces Filing of a Class Action Lawsuit Against Exide Technologies Business Wire LOS ANGELES -- April 16, 2013 Glancy Binkow & Goldberg LLP, representing investors of Exide Technologies (“Exide” or the “Company”) (NASDAQ:XIDE), has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class (the “Class”) comprising all purchasers of Exide common stock between February 9, 2012 and April 3, 2013, inclusive (the “Class Period”). The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued false and/or misleading statements or failed to disclose material adverse facts concerning the Company’s operations and financial prospects. A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150, Toll-Free at (888) 773-9224, or by email at email@example.com. Exide operates in 80 countries producing, recycling and distributing lead-acid batteries. The Company operates eight battery recycling facilities worldwide, and its global transportation and industrial energy groups provide a range of stored electrical energy products and services for industrial and transportation applications. The Complaint alleges that during the Class Period defendants knew but misrepresented or failed to disclose to the investing public that: (a) Exide was exposing residents near its Vernon, California, battery recycling facility to dangerously high levels of arsenic and other pollutants; (b) Exide knew, based on actual and projected revenues and expenses, that the Company would not be able to meet its debt repayment obligations and other pledges and promises under a $200 million revolving facility, a $675 million bond, and a $55.7 million floating rate convertible note due in September 2013; and (c) as a result, Exide knew its environmental liabilities, debt obligations and potential insolvency supported neither Exide’s statements to investors that the Company was solvent, its quarterly guidance, nor the inflated share price targets the investment community was modeling based on defendants’ Class Period statements and guidance. On March 22, 2013, the Company’s recycling facility in Vernon was cited by the South Coast Air Quality Management District (AQMD) as posing a greater cancer risk to residents of Southern California than any of the more than 450 facilities the agency has regulated in the last 25 years. Then, on April 3, 2013, Los Angeles City Council members held a public hearing asking the government to press charges against the Company to correct the health risk posed by the Company’s environmental contamination, and on April 4, 2013 Debtwire.com published a report that Exide had hired financial advisory firm Lazard and the law firm of Akin Gump LLP to advise on the Company’s financial restructuring after prior restructuring efforts stalled. On this news, Exide’s shares fell $1.24 a share to $1.37 a share, a 46% drop on April 4, 2013, before trading in the stock was halted. Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions and substantial expertise in actions involving corporate fraud. No class has yet been certified in this action. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you purchased Exide securities during the Class Period you have certain rights, and have until June 14, 2013 to move for lead plaintiff status. If you wish to learn more about this action, or have any questions concerning 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 firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Contact: Glancy Binkow & Goldberg LLP, Los Angeles, CA Michael Goldberg 310-201-9150 or 888-773-9224 email@example.com www.glancylaw.com
Glancy Binkow & Goldberg LLP Announces Filing of a Class Action Lawsuit Against Exide Technologies
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