Gainey McKenna & Egleston Announces a Securities Fraud Class Action Lawsuit
Has Been Filed Against ECOtality, Inc. -- ECTY
NEW YORK, Aug. 16, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston
announces that a class action lawsuit has been filed in the United States
District Court for the Northern District of California on behalf of all
persons or entities who purchased the common stock of ECOtality, Inc.
("ECOtality" or the "Company") (Nasdaq:ECTY) between April 16, 2013 and August
9, 2013 ("Class Period"), seeking remedies under the federal securities laws.
The Complaint alleges that Defendants concealed the following facts from the
investing public during the Class Period: (a) the Company's charging systems
had been causing overheating and even the melting of connector plugs when
charging vehicles; (b) the Company was not achieving enough commercial sales
and installations to sustain operations in the second half of 2013; (c) the
Company was not on track to meet the scheduled release of a new Minit Charger
product for industrial customers in the second half of 2013; (d) the Company
was unable to obtain the financing to meet its short-term and long-term
capital needs and would be unable to meet its obligations to the DOE's EV
Project; and (e) the Company was liable to the U.S. Department of Labor for
$855,000 for the payment of back wages and damages.
On August 12, 2013, before the opening of trading, the Company announced that
it had hired a "restructuring" adviser to evaluate options, including new
financing, a possible sale of the Company or bankruptcy filing.
If you wish to serve as lead plaintiff, you must move the Court no later than
October 14, 2013. A lead plaintiff is a representative party acting on behalf
of other class members in directing the litigation. If you wish to join the
litigation, or to discuss your rights or interests regarding this class
action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of
Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at
firstname.lastname@example.org or email@example.com.
Attorney Advertising -- Prior results do not guarantee a similar outcome with
respect to any future matter. Please visit our website at
http://www.gme-law.com for more information about the firm.
CONTACT: Thomas J. McKenna, Esq.
Gregory M. Egleston, Esq.
Gainey McKenna & Egleston
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