WeissLaw LLP Announces a Class Action Lawsuit Has Been Filed Against Exide
Technologies -- XIDE
NEW YORK, April 24, 2013 (GLOBE NEWSWIRE) -- WeissLaw LLP, a national class
action, shareholder rights law firm with offices in New York and Los Angeles,
announces that a class action lawsuit has been filed against Exide
Technologies (Nasdaq:XIDE) and others on behalf of all purchasers of the
securities of Exide common stock between February 9, 2012 and April 3, 2013,
inclusive (the "Class Period") for violations of the federal securities laws.
The complaint states that Exide (1) knowingly operated a battery recycling
facility in Vernon, California that exposed residents to fatal levels of
arsenic and other dangerous pollutants; (2) was aware that it would not be
able to satisfy its debt obligations of approximately $1.4 billion; and (3) as
a result knew its environmental liabilities, debt obligations, and potential
insolvency did not support statements released to investors and its quarterly
On March 22, 2013, the Company's recycling facility in Vernon was cited by the
South Coast Air Quality Management District as posing a greater cancer risk to
residents of Southern California than any of the facilities the agency has
regulated in the last 25 years. On April 3, 2013, Los Angeles City Council
members asked the government to press charges against Exide to correct the
health risk posed by its 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, the
price of Exide's shares fell from $2.64 a share to $1.37 a share, a 46% drop
on April 4, 2013, before trading in the stock was halted.The stock currently
trades at about $1.50 per share.
If you currently hold or purchased Exide stock during the Class Period and
would like more information about your rights or would like to learn more
about these claims, please contact Joshua M. Rubin, Esq. at (212) 682-3025 or
by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative
actions for violations of corporate and fiduciary duties.We have recovered
over a billion dollars for defrauded clients and obtained important corporate
governance relief in many of these cases.If you have information or would
like legal advice concerning possible corporate wrongdoing (including insider
trading, waste of corporate assets, accounting fraud, or materially misleading
information), consumer fraud (including false advertising, defective products,
or other deceptive business practices), or anti-trust violations, please
contact us at (212) 682-3025 or by email at email@example.com.
Attorney Advertising.Past results do not guarantee a similar outcome.
CONTACT: WeissLaw LLP
Joshua M. Rubin
1500 Broadway, 16th Floor
New York, NY 10036
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