Hagens Berman: Two Weeks Remain before Oct. 15, 2013, Deadline in ECOtality
Securities Class Action
BERKELEY, Calif. -- September 30, 2013
Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds
investors of the Oct. 15, 2013, lead plaintiff deadline 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 financial losses exceeding $100,000
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
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.
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
Firmani + Associates
Mark Firmani, 206-443 9357
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