Hagens Berman Reminds ECOtality Investors of Oct. 15, 2013, Class-Action Deadline and Continuing Investigation

  Hagens Berman Reminds ECOtality Investors of Oct. 15, 2013, Class-Action
  Deadline and Continuing Investigation

Business Wire

BERKELEY, Calif. -- September 17, 2013

Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, today
reminded investors of the Oct. 15, 2013, deadline to move to be a lead
plaintiff in a securities class-action lawsuit against ECOtality, Inc.,
(NASDAQ: ECTY) and of the continuing investigation into whether ECOtality
withheld critical information from investors. Investors are invited to inquire
about their options with Hagens Berman attorneys by emailing ECTY@hbsslaw.com.

Investors who purchased ECTY common stock between April 16, 2013, and Aug. 9,
2013, (the “Class Period”) and suffered significant financial losses may also
contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s
investigation, by calling (510) 725-3000. More information is available online
at http://hb-securities.com/investigations/ECTY.

On June 19, 2013, ECOtality closed an $8.2 million private placement of over 5
million shares of common stock priced at $1.60 and warrants exercisable at
$2.04 per share.

Two months later, on Aug. 12, 2013, the company announced several previously
undisclosed production and financial problems. ECOtality also revealed it had
hired a restructuring adviser to evaluate the company’s options, including a
possible bankruptcy filing that could be made “in the very near future.”

Following the announcement the company’s stock price dropped more than 87
percent.

The lawsuit alleges that ECOtality concealed major issues, including: defects
and performance shortfalls in some of its charging systems, the inability to
release products as scheduled and a lack of sufficient commercial sales and
investor funding to sustain the company’s operations.

“Our investigation seeks to discover what ECOtality knew and when,” said
Hagens Berman Partner Reed Kathrein. “Considering the litany of issues
ECOtality has been facing, it is suspect that only in August were investors
made aware of something as catastrophic as a possible bankruptcy filing.”

Persons with non-public information may want to consider their options to help
in the investigation or take advantage of the SEC Whistleblower program. Under
the new SEC whistleblower program, whistleblowers who provide original
information may receive rewards totaling up to 30 percent of any successful
recovery made by the SEC.

About Hagens Berman
Hagens Berman Sobol Shapiro, LLP is an investor-rights class-action law firm
with offices in nine cities including the San Francisco Bay Area where this
lawsuit has been filed. The Firm represents investors, whistleblowers, workers
and consumers in complex litigation. More about the law firm and its successes
can be found at www.hbsslaw.com. The Firm’s Securities Newsletter is at
http://www.hb-securities.com/newsletter.

Contact:

Firmani + Associates
Mark Firmani, 206-443 9357
Mark@firmani.com
 
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