Glancy Binkow & Goldberg LLP Announces Filing of a Class Action Lawsuit
Against Exide Technologies
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.
Glancy Binkow & Goldberg LLP, Los Angeles, CA
310-201-9150 or 888-773-9224
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