SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on
Their Investment in Exide Technologies of Class Action Lawsuit and Upcoming
Deadline -- XIDE
NEW YORK, May 10, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Exide
Technologies ("Exide Technologies" or the "Company") (Nasdaq:XIDE) and certain
of its officers. The class action filed in United States District Court,
Central District of California, is on behalf of a class consisting of all
persons or entities who purchased or otherwise acquired securities of Exide
Technologies between February 9, 2012 and April 3, 2013, both dates inclusive
(the "Class Period"). This class action seeks to recover damages against the
Company and certain of its officers and directors as a result of alleged
violations of the federal securities laws pursuant to Sections 10(b) and 20(a)
of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Exide Technologies securities during
the Class Period, you have until June 14, 2013 to ask the Court to appoint you
as Lead Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby
at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Exide operates in 80 countries, producing, recycling and distributing
lead-acid batteries. The Company's global transportation and industrial energy
groups purported to provide a range of stored electrical energy products and
services for industrial and transportation applications.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, operations, and prospects.Specifically,
defendants failed to disclose that: (a) Exide was polluting the environment
with potentially fatal levels of arsenic, and exposing almost 110,000
residents near its Vernon, California battery recycling facility to
dangerously high levels of pollutants; (b) Exide knew that based on actual and
projected revenues and expenses it would not be able to meet its debt
repayment obligations and other pledges and promises under its debt agreements
and indentures. Specifically, the Company knew that it could not satisfy its
obligations 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
regarding the Company's financials, 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, one of the Company's recycling facilities in Vernon,
California, located approximately four miles due south of downtown Los
Angeles, was cited by the South Coast Air Quality Management District (the
"Agency") 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
Following the Agency's citation, 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
On April 4, 2013, news source Debtwire.com published a report that Exide had
hired financial advisory firm Lazard and the law firm of Akin Gump LLP, both
bankruptcy experts, to advise on its financial restructuring after prior
restructuring efforts stalled.On this news, Exide's shares fell $1.24 a share
to $1.37 a share (-46%), on April 4, 2013, before trading in the stock was
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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