Exide Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible
Breaches of Fiduciary Duty by Officers and Directors
DALLAS -- April 18, 2013
Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation
firm of Powers Taylor, LLP announce that a federal class action lawsuit has
been filed against Exide Technologies (“Exide” or “Company”) (NasdaqGS: XIDE)
and several officers and directors for acts taken during the period of
February 9, 2012 to April 3, 2013 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating
additional legal claims against the officers and Board of Directors of Exide.
If you are an affected Exide shareholder and want to learn more about the
lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm,
PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zach
Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
firstname.lastname@example.org. There is no cost or fee to you.
In the complaint, the defendants are alleged to have violated certain
provisions of the Securities Exchange Act of 1934. Specifically, the complaint
alleges that defendants misrepresented and/or failed to disclose that, among
other things: (a) the Company was polluting the environment and exposing
almost 110,000 residents near its Vernon, California battery recycling
facility with potentially fatal levels of arsenic and other pollutants; (b)
the Company knew that it would not be able to meet its debt repayment
obligations and other pledges and promises based on actual and projected
revenues and expenses; and (c) the Company knew that its environmental
liabilities, debt obligations and potential insolvency did not support Exide’s
statements to investors. According to this complaint, when these facts were
finally revealed to the market, Exide’s shares plummeted by approximately 46%.
“The allegedly improper business practices conducted by Exide have prompted
our firms to investigate additional claims against the Company’s officers and
directors, including potential breaches of fiduciary duties and other
violations of state law. Based on our investigation, we are prepared to pursue
litigation to preserve the company and the value of Exide stock for all
shareholders,” said shareholder rights attorney Patrick Powers.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial
transaction, and public advocacy firm with more than 20 years of experience in
complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of
complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits, and
security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
Powers Taylor, LLP
Zach Groover, 877-728-9607
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