Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against
LOS ANGELES -- August 16, 2013
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been
filed in the United States District Court for the Northern District of
California on behalf of a class (the “Class”) comprising all purchasers of the
common stock of ECOtality, Inc. (“ECOtality” or the “Company”) (NASDAQ:ECTY)
between April 16, 2013 and August 9, 2013, inclusive (the “Class Period”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW &
GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212)
682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF
YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND
NUMBER OF SHARES PURCHASED.
ECOtality manufactures and sells charging systems for electric vehicles (EV),
including the Minit-Charger line of fast-charge systems for off-road
industrial applications. The Complaint alleges that during the Class Period
defendants issued false and misleading statements or failed to disclose that:
(1) certain of ECOtality’s charging systems had been had been causing
overheating, and even melting connector plugs, when charging vehicles; (2) the
Company was not achieving enough commercial sales and installations to sustain
operations in the second half of 2013; (3) 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; (4) 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 U.S. Department of Energy’s EV Project;
and (5) 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 ECOtality issued a press release announcing that it had
hired a "restructuring" adviser to evaluate options, including new financing,
a possible sale of the Company or bankruptcy filing. Following this news, the
price of ECOtality shares dropped nearly 80%, to $0.30 per share, from the
previous day’s close of $1.46, on volume of more than 15 million shares
If you are a member of the Class described above you may move the Court no
later than October 14, 2013 to serve as lead plaintiff; however, you must meet
certain legal requirements. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take no action
and remain an absent member of the Class.
If you wish to learn more about this action or if you purchased ECOtality
shares prior to the Class Period and have any questions concerning this
announcement or 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, Toll Free at
(888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg
LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212)
682-5340, by e-mail to email@example.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include your mailing
address, telephone number and number of shares purchased.
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
Glancy Binkow & Goldberg LLP, New York, NY
212-682-5340 or 888-773-9224
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